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Trump plans to go ahead and raise China tariffs

"If we don't make a deal, then I'm going to put the US$267 billion additional (tariffs) on," at a tariff rate of either 10% or 25%, US President Donald Trump said.

IG Analyst

Publication date : 2018-11-27T08:53:31+0000

US President Donald Trump

United States (US) President Donald Trump expects to carry on and raise tariffs on US$200 billion in Chinese imports to 25% from the current 10% and is “highly unlikely” to accept China’s plea to hold off the tariff hike due on January 1.

In an interview with The Wall Street Journal on Monday, Mr Trump repeated his threat to slap tariffs on all remaining imports from China, adding that “the only deal would be (that) China has to open up their country to competition from the US”.

"If we don't make a deal, then I'm going to put the US$267 billion additional (tariffs) on," at a tariff rate of either 10% or 25%, Mr Trump told the media publication.

Mr Trump is expected to meet Chinese President Xi Jinping in the upcoming G20 summit at Bueno Aires, Argentina this weekend.

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China tariffs may be placed on iPhones, laptops, says Trump

Mr Trump said that the next round of tariffs could be on goods which are not yet hit by tariffs, such as laptops and Apple iPhones imported from China.

The US has not imposed tariffs on mobile phones and computers to minimize any tariff impact on consumers in the US.

China dominates US electronics imports. In 2017, China accounted for 61.6% of electronics imports into the US, far exceeding South Korea’s 4.5%, according to data from trade intelligence tracker PIERS.

US’ West Coast ports handle the bulk of electronic imports due to China’s dominance in imports to America, with Los Angeles managing 30.8% of total US import volume, followed by Long Beach, at 24%.

Apple's shares fell by 2.11% or US$3.69 to US$170.93 during after-hours trading at 8.25am UTC on Tuesday.

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