Trump’s Chinese Tariffs Target Consumer Electronics, Including Sony and PlayStation

Jermaine Castillo
November 28, 2018

The Trump administration has already placed tariffs on $200 billion in goods manufactured in China in what it said was a bid to achieve trade parity between the two nations and discourage Chinese theft of US intellectual property.

Trump said it is "highly unlikely" that he would accept China's request to hold off on raising the tariffs, according to the Journal.

The rate increase, from 10pc to 25pc, is due to be implemented on Jan 1.

Trump made his comments in an interview for the Wall Street Journal which was published Monday, just four days before his scheduled meeting with Chinese President Xi Jinping, CNBC reported. Beijing responded by slapping $50 billion of USA products with additional levies before Trump escalated the trade dispute further by adding taxes to another $200 billion in Chinese products.

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"The market remains in a fragile state and because of that anytime tariffs come into the picture you have worries", said Peter Cardillo, chief market economist at Spartan Capital Securities in NY.

Following the report yesterday, Apple's stock went down a little under two percent in after-hours trading.

"If we don't make a deal, then I'm going to put the $US267 billion additional on", at a tariff rate of either 10 per cent or 25 per cent, he said. 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. "Here's what the bottom line is: China has to treat us fairly".

While Trump and Lopez Obrador both said they had a "great" first phone call after the latter's landslide victory in July, the two were at odds over the renaming of the updated agreement, with Trump insisting on listing the United States before other countries.

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American and Chinese negotiators are trying to reach a deal that will both prevent future import taxes and remove current ones, but their current positions are far apart.

Many products, such as mobile phones and laptops, were exempt from those tariffs. "I mean, I can make it 10 percent, and people could stand that very easily", he said. His aides, however, have reportedly suggested that those items be exempt from the tariffs in fear of consumer reaction.

The trade-sensitive industrial sector .SPLRCI fell 0.97 percent, with Boeing Co BA.N , the single largest US exporter to China, down 0.4 percent and Caterpillar Inc CAT.N 1.3 percent.

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