United States markets open lower after Donald Trump’s tariff threat

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Trump said he would place tariffs on an additional $267 billion in Chinese-made goods if he is unable to reach an agreement with Beijing during the upcoming Group of 20 summit in Bueno Aires, Argentina.

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

The rate increase, from 10pc to 25pc, is due to be implemented on Jan 1. In the most recent war of words, President Donald J. Trump is threatening to levy a 10 percent tariff on electronic devices manufactured in China and then sold in the United States.

Notably the iPhone X and iPhone SE are not eligible for this promotion
Notably the iPhone X and iPhone SE are not eligible for this

When the WSJ asked if that includes handsets like the iPhone as well as notebook computers, he said "Depends on what the rate is, I can make it 10%, and people could stand that very easily".

"People want to believe that something good is going to come from the G20" meeting, said Robert Pavlik, chief investment strategist at SlateStone Wealth LLC in NY.

This was due to a sharp fall in Britain's currency - after US President Donald Trump appeared to suggest it might be hard for Britain to negotiate a free-trade deal with the US after it withdraws from the European Union.

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According to The Wall Street Journal, if negotiations dont produce a favorable outcome for the United States, additional goods for $200 billion, will be slapped with up to 25% tariffs, including consumer electronics by Apple and other products manufactured in China.

He added that any potential backlash from U.S. consumers could be tempered if the tariff rate on Apple products was just 10 percent, according to the newspaper.

Following Trump's remarks, Apple stock was down almost 2 percent in after-hours trading. Trump on several occasions has suggested that Apple should bring iPhone manufacturing to the U.S.

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"Right now if you look at the deal, [the UK] may not be able to trade with us", Mr Trump told reporters outside the White House. Over the last year, the two countries have leveled a series of tariffs on hundreds of billions of dollars of imports from one another, with the latest round of USA duties set to go into force in the new year.

In the interview, Trump indicated he will boost tariffs on $200 billion of Chinese goods to 25% from the current 10%.

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