Trump Hints US Can Impose 10% Tariffs On Laptops, iPhones Imported From China
President Donald Trump proposed that he could slap 10% tariff on laptops and iPhones imported from China, in a recent interview with the Wall Street Journal. He also stated it is “highly improbable” that he would impede a rise in tariffs from 10% to 25% on January 1, 2018, just 4 Days before a meeting with Chinese President Xi Jinping. Trump said, “The tariffs depend on what the rate is. I mean, I can execute it to 10% and people could accept that very easily.”
Following that immediately Apple stocks were down by nearly 2% in after-hours trading. Trump stated he anticipates he would raise the tariffs on $200 Billion of Chinese goods to 25%. He will also put in $267 Billion worth of taxes on the goods that are not already forced with existing tariffs if the two nations do not make any deal. Apple’s products are presently free from the tariffs. It was earlier declared that the tariffs would impact the AirPods, Apple Watch, and other products, but were excluded when the tariffs were publicized. Although iPhones are put together in China and some parts come from the U.S.
Speaking of ongoing trade war, recently, it was stated that India might get a slight benefit from the dispute between the U.S.-China. Suresh Prabhu—India’s Minister of Commerce and Industry—said India would concentrate on increasing its exports to the U.S. and other worldwide markets as Chinese shipments have become deformed amid a trade spat between the world’s largest economies. New Delhi is directing on a handful of items counting chemicals, automotive parts, electrical equipment, among others, following the U.S. and China imposition of taxes on each other’s goods. India’s contribution to global merchandise exports is 1.7% compared to China’s 12.8%.