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Trump says he expects to raise tariffs on China

28 November 2018

The administration has tried to soften the impact on US consumers, carving out tariff exemptions for consumer goods from brands like Lenovo, Apple and Huawei.

The Wall Street Journal said the administration has been anxious about a consumer reaction to such levies.

"Although the current economic situation in the good, people can not rule out the possibility of another-I don't want to use the word "crisis"-a similar situation as what happened 10 years ago", he warned". "I mean, I can make it 10 per cent, and people could stand that very easily".

"Perhaps we can break through in Buenos Aires or not", he said.

Cellphones and computers, among China's biggest exports to the United States, have thus far been spared as the administration has sought to minimise the impact on USA consumers.

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But Bernstein's Tony Sacconaghi said on CNBC that 25% of Apple's revenue could be hit with a 10% or 25% tariff.

So far, Apple's most lucrative devices, like the iPhone and iPad, have been left out of USA tariffs.

He also said he expects to move ahead with raising tariffs on $200 billion in Chinese imports to 25% from 10% now. His comments come four days before he will meet Chinese leader Xi Jinping for trade talks.

The rate increase, from 10pc to 25pc, is due to be implemented on Jan 1.

Asian markets are tested today (November 27, 2018) after US President Trump has dealt a blow on coming to terms with China over conflicting trade issues. 'As far as other countries are concerned, that's up to them'.

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Wall Street was set to open lower on Tuesday after President Donald Trump said he would move ahead with more tariffs on Chinese goods, dampening optimism of resolving the ongoing trade spat at the upcoming G20 Summit. Chinese officials responded with retaliatory tariffs on American goods.

"I don't want to go overboard, but he's indicated some optimism".

Trump told the Wall Street Journal Monday that it's possible the USA will apply new tariffs to Chinese-made consumer tech products like the iPhone.

China has retaliated but has less room to manoeuvre as the U.S. buys much more from China than it exports there.

'We can buy from Japan and South Korea or develop our own. "Combined with last week's harsh report from the U.S. trade representative, investors have only the flimsiest hope that the Trump-Xi meeting in Argentina will amount to more than a hill of soybeans".

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Technology controls would also be a double-edged sword, so in the long term it would not be a win-win situation, but a lose-lose one, Xu said.

Trump says he expects to raise tariffs on China