Daily Outlook


Trump says he expects to raise China tariffs: Wall Street Journal

U.S. President Donald Trump said on Monday he expected to move ahead with raising tariffs on $200 billion in Chinese imports to 25 percent from the current 10 percent and repeated his threat to slap tariffs on all remaining imports from China. In an interview with the Wall Street Journal four days ahead of his high-stakes meeting with Chinese President Xi Jinping in Argentina, Trump said it was “highly unlikely” he would accept China’s request to hold off on the increase, which is due to take effect on Jan. 1. Trump, who is due to meet Xi on the sidelines of a G20 summit in Buenos Aires this week, said that if negotiations were unsuccessful, he would also put tariffs on the rest of Chinese imports.

At a regular news briefing in Beijing on Tuesday, Chinese foreign ministry spokesman Geng Shuang reiterated China’s hope that both sides could work towards a “positive outcome” from the meeting between the two leaders, citing a “consensus” they reached during a Nov. 1 telephone call. Trump said the next round of tariffs could also be placed on laptops and Apple Inc’s (AAPL.O) iPhones imported from China, which are part of that $267 billion list of goods not yet hit by tariffs.

Cell phones and computers, among China’s biggest exports to the United States, have been spared as the administration has sought to minimize the impact on U.S. consumers. The Journal said the administration has been worried about a consumer reaction to such levies. Apple CEO Tim Cook has personally pressed the issue of tariffs with Trump, telling the president that while there are valid concerns about U.S.-China trade relations, tariffs are not the best way to resolve them. Despite using contract manufacturers to make most of its products overseas, Apple has also sought to emphasize its contribution to the U.S. economy, saying it plans to spend about $55 billion in 2018 with its U.S.-based suppliers.

Trump says he expects to raise China tariffs: Wall Street Journal, Reuters, Nov 27

Source: FxPro

Article raiting
Home