Donald Trump warns China he won't back down on trade tariffs


Shares in Apple Inc fell after-hours in reaction to Trump's comments that tariffs could also be placed on laptops and iPhones imported from China.

Trump already has imposed tariffs on more than $250 billion in Chinese goods - about half of the total imported each year - in an attempt to pressure the country to change its trade rules.

Trump said it is "highly unlikely" that he would accept China's request to hold off on raising the tariffs, according to the Journal.

The news sent shares lower in London and NY on Tuesday, after Trump told the Wall Street Journal it was "highly unlikely" that he would heed a call by Beijing to refrain from increasing the tariffs from the start of next year.

Mr Trump is expected to meet Chinese President Xi Jinping in the upcoming G20 summit at Bueno Aires, Argentina this weekend. The tariff rate on that remaining amount would either be 10% or 25%, he said.

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

"If we don't make a deal, then I'm going to put the... We have an opportunity to extend that optimism, break some new ground", Kudlow said.

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"If there's no breakthrough, that makes it more likely that more tariffs will be imposed and that increases downside risks to trade".

American and Chinese negotiators are trying to reach a deal that will both prevent future import taxes and remove current ones, but their current positions are far apart. Could they not authorize new phones for sale in the country?

President Donald Trump has repeatedly told reporters that tariffs on an additional $267 billion worth of Chinese goods are ready to go, should Beijing refuse to bow to USA demands and stop intellectual property theft.

Oil prices steadied, while the USA dollar, which has benefited from safe-haven flows this year as the trade conflict worsened, rose against peers.

Asked whether the two sides had agreed on a list of agenda items for the leaders to discuss, Kudlow said: "We're in some significant preparation on all that".

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

"They have to open up China to the United States".

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