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Apple facing 10% increase in products price ahead of US-China summit

28 November 2018
Apple facing 10% increase in products price ahead of US-China summit

Trump is due to meet Chinese President Xi Jinping at the G20 Summit in Buenos Aires this week, but his latest comments have given little hope about the two countries resolving their trade dispute, which has battered financial markets this year.

Additionally, existing USA duties on Chinese imports are set to rise from 10 percent to 25 percent in January, affecting $200bn worth of imported goods.

"Donald Trump's renewed tariff threats against China have magnetized investors to the U.S. Dollar", Lukman Otunuga, a research analyst at broker FXTM, said in a note.

The iPhone maker's shares fell as much as 2.1 percent earlier in the session after Trump said tariffs could be placed on the company's laptops and iPhones imported from China.

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

"The only deal would be China has to open up their country to competition from the United States", Trump told the Journal.

"What I'd advise is for them to build factories in the United States and to make the product here", Trump said "And they have a lot of other alternatives".

"They have to open up China to the United States. Otherwise, I don't see a deal being made", he emphasized.

"We are seeing a greater degree of stability in sterling, but it went below recent ranges on Trump's comments", said Neil Mellor, currency strategist at Bank of New York Mellon in London. He may also add $267 billion of tariffs to goods not already targeted under the existing tariffs.

Chinese government denies NYT report that it's spying on President Trump's mobile calls.

Asian markets are tested today (November 27, 2018) after US President Trump has dealt a blow on coming to terms with China over conflicting trade issues. The potential tariffs come at a time when Apple has chose to stop reporting sales for specific items, including iPhones, as it works through reported issues with demand.

Alex Feinberg, Director of Partnerships at OKcoin, explains why the global trade war could hamper American innovation.

Cellphones and computers, among China's biggest exports to the United States, have thus far been spared as the administration has sought to minimise the impact on USA consumers.