Trump tariff talk pushes dollar to near two-week highs

28 November, 2018, 07:10 | Author: Kevin Carter
  • Apple Stock Drops as Trump Discusses Potential iPhone Tariff

In September, Washington slapped 10 percent duties on $200bn in imports from China in an effort to get Beijing to reverse alleged unfair trade practices, such as the forced transfer of intellectual property and massive state intervention in markets.

"Maybe. Maybe. Depends on what the rate is", the president said, referring to mobile phones and laptops.

"If we don't make a deal, then I'm going to put the..."

Apple's stock is down more than 20 percent since November 1, when it gave a lukewarm sales forecast for the upcoming holiday season and said it would stop disclosing how many iPhones it sells every quarter. Apple couldn't be reached for comment.

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.

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Apple is no stranger to high-priced gadgets, and has always billed itself as providing a "premium" user experience that justifies the added cost.

Yesterday, the WSJ reported that President Trump would move ahead with the increase in tariff rate and would introduce a 10% on iPhones as well as other consumer electronics. At 25%, the hit to Apple's earnings would be $3.8 billion.

Daryanani cut his price target to $235 from $240, but maintained an "outperform" rating. The pan-European STOXX 600 index .STOXX lost 0.26 percent and MSCI's gauge of stocks across the globe .MIWD00000PUS gained 1.17 percent. And he's also ready to raise the import fees on items already taxed from 10 percent to 25 percent. Trump on several occasions has suggested that Apple should bring iPhone manufacturing to the U.S. Even though the phone is designed in the US, it is assembled in China and shipped to the U.S. However, in recent months, he has modified that view, saying in an interview this year that "it's not true that the iPhone is not made in the United States".

Asian shares battled to extend a global rebound today after US President Donald Trump seemed to quash hopes of a trade truce with China, dampening risk appetite across the region.

Kudlow was involved in a clash between the White House and allies in the G7 group of nations in June, when Trump rejected a statement agreed to by his fellow leaders.

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