Trump warns Apple iPhones could face 10% tariff, shares sink

Anna Jefferson
November 28, 2018

Given that a massive amount of electronic equipment is manufactured in China, these proposed new tariffs would likely have a major impact on the video game industry.

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

In an interview with The Wall Street Journal, Trump said that if negotiations did not produce a favourable outcome for the U.S., he would also put tariffs on the rest of Chinese imports that are now not subject to duties. "I mean, I can make it 10%, and people could stand that very easily".

The U.S.is due to raise import duties on about $200 billion worth of goods from China to 25 percent from 10 percent on January 1.

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The European Commission, which oversees trade policy for the 28-member European Union, declined to comment on the report in general, but did say that Wirtschaftwoche's reference to EU Trade Commissioner Cecilia Malmstrom heading to Washington on Wednesday was not correct.

If Trump decides to impose the new tariffs, the total amount of taxes on goods from China would be up to $517bn.

RBC analysts are also bullish on Apple, saying at least some of the negative news surrounding waning iPhone has already been priced into the stock - which is down more than 20% from its October peak.

Daryanani cut his price target to $235 from $240, but maintained an "outperform" rating. BMW shares were down 1.4 percent. Inventec Corp., which supplies Apple and other US tech companies, fell 4 percent to the lowest level in more than a year. China pushed back by slapping $60 billion more of USA goods with tariffs. Still, the company warned in September, that other items, like the Mac mini, Apple Pencil stylus, and some cables and cases, could be harmed.

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It cited the sources as saying the report recommended a 25 percent customs duty on auto imports from all countries except Canada and Mexico.

U.S. -Russia relations are under huge strain, while Trump is under investigation at home for alleged collusion with Moscow during his 2016 presidential election win.

'If the United States does not buy Chinese products and USA technology is not forthcoming, would that really benefit US companies?' said Xu Nanping, China's vice minister of Science and technology. Once the chain is broken, the United States would be affected too'.

What's the endgame in the US-China trade war? But White House aides were still planning for the Putin meeting after Trump's comments.

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