US President Donald Trump has said he expected to raise punitive tariff rates on hundreds of billions in Chinese imports as early as January 1, 2019.
Pres. Trump told the Wall Street Journal, that he's prepared to put tariffs on all products being shipped from China that don't already have them. "Combined with last week's harsh report from the United States trade representative, investors have only the flimsiest hope that the Trump-Xi meeting in Argentina will amount to more than a hill of soybeans".
Notably the iPhone X and iPhone SE are not eligible for this
The World Trade Organisation has revealed tariff measures imposed by G20 countries have reached record highs and now cover $481 billion worth of global trade.
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". "We have an opportunity to extend that optimism, break some new ground", Kudlow said.
Trump mentioned Apple's iPhones and laptops as consumer goods that might be subject to tariffs.
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Investors will now turn their attention to a speech on Wednesday by Fed Chairman Jerome Powell and minutes from the central bank's November 7-8 meeting to be released on Thursday, for further clues of how many more times the Fed is likely to raise interest rates.
"I don't want to go overboard, but he's indicated some optimism".
Although President Donald Trump promised Apple products will not be hit with tariffs, he suggested otherwise ahead of his summit with the Chinese leader Xi Jinping, scheduled for later this week. "They have to open up China to the United States".
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Trump is due to meet Putin on the sidelines of the G20 summit in Buenos Aires, which convenes on Friday and Saturday. Since then, communications have picked up between the two sides, said Kudlow.
National Security adviser John Bolton said Trump will also be meeting with German Chancellor Angela Merkel, Japanese Prime Minister Shinzo Abe, Argentine President Mauricio Macri, South Korea's Moon Jae-in, Turkish President Recep Tayyip Erdogan and Indian Prime Minister Narendra Modi.
China has retaliated but has less room to manoeuvre as the USA buys much more from China than it exports there.
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