Trump threatens a 25% tariff on the iPhone and Apple laptops

Apple Stock Drops as Trump Discusses Potential iPhone Tariff

Apple Stock Drops as Trump Discusses Potential iPhone Tariff

The White House economic adviser did not comment on whether China had made offers of concessions, further feeling suspicions of a trade stand-off between the pair.

U.S. President Donald J. Trump said an interview with The Wall Street Journal (WSJ) Monday that the levy could be as high as 10 percent.

Speaking to the Wall Street Journal, Trump said that the only deal he would take from China would be to open up to United States competition. He also told The Journal it was "highly unlikely" that the USA would exit this week's G20 summit with an agreement to hold off on increasing duties already in place on Chinese goods.

Trump had promised Cook that he would not place tariffs on Apple products, the New York Times reported in June, and Apple devices missed the first round of tariffs applied by the Trump administration in September, but the company's luck might not hold.

Hugo Erken, senior economist at the bank, said: "An ongoing trade war between the world's two largest economies has much broader ramifications that transcend their own borders ... in a globalised economy, there are no real winners from such policies".

"If we don't make a deal, then I'm going to put the $200 - and it's really $67 - billion additional on at an interest rate between 10 and 25 depending", he said.

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"China should change its practices and come into the community of responsible trading nations", Kudlow said, stressing that he considers the U.S. economy in far better shape than China's to weather a prolonged trade war.

Investors are looking out for this weekend's highly anticipated meeting between Mr Trump and Chinese President Xi Jinping at the G20 summit in Argentina - and whether they take any concrete steps to resolve their countries' trade dispute.

"I don't want to go overboard, but he's indicated some optimism". In 2017, China accounted for 61.6% of electronics imports into the USA, far exceeding South Korea's 4.5%, according to data from trade intelligence tracker PIERS.

'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.

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".

"I count on the United States", Poroshenko told NBC News.

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