New Tariffs Could Hit Laptops, iPhones, Trump Says

At 9:39 am EDT the Dow Jones was down 171.84 points at 24,468.40 the S&P 500 was down 12.37 points at 2,661.08 and the Nasdaq was down 49.99 points at 7,031.86

At 9:39 am EDT the Dow Jones was down 171.84 points at 24,468.40 the S&P 500 was down 12.37 points at 2,661.08 and the Nasdaq was down 49.99 points at 7,031.86

Trump has already imposed tariffs on more than $250bn in Chinese goods - about half of the total imported each year - in an attempt to pressure the country to change its trade rules. "I mean, I can make it 10 percent, and people could stand that very easily", he said. China pushed back by slapping $60 billion more of USA goods with tariffs.

He said in the interview his tariffs could impact Apple products imported from China, including iPhones and laptops.

On Monday, the president said the US did not approve of escalating violence between Russian Federation and Ukraine, but didn't specifically call out Russia's behavior.

Apple's stock price closed official trading up 1.4% amid a rebound in beaten-down tech stocks. Apple couldn't be reached for comment. With consumers "clearly price sensitive" and the average sales price of an iPhone reaching nearly $800, "the last thing Cook and investors want to see is additional tariffs added to iPhones and impacting demand drivers at this crucial growth juncture for the company", Daniel Ives, an analyst at Wedbush Securities, wrote Monday in a note. RBC also lowered its price target on the stock to $235 from $240.

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Except for a small number of older iPhone models manufactured in Brazil and India, the bulk of Apple's products are assembled in China from where it is shipped out globally for sale.

The meeting between Trump and Xi will be only one of several high-profile foreign policy engagements for the US leader on the whirlwind two-day visit to Argentina. Tariffs imposed in September had spared the iPhone, which generates half of the company's sales, but affected product lines such as Apple accessories and the Mac Mini. And he's also ready to raise the import fees on items already taxed from 10 percent to 25 percent. In 2017, the USA bought more than $522 billion worth of goods from China.

Analysts at National Australia Bank noted the 30 per cent drop in oil since early October would drag on US inflation in coming months, perhaps offering further reason for the Federal Reserve to go slower on tightening.

"They have to open up China to the United States". Although iPhones are assembled in China, some of the parts come from the US. The Trump-Putin meeting will cover security issues, arms control, and issues in the Middle East and Ukraine, White House national security John Bolton told reporters.

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