Trump says China tariff rates very likely to rise

Dwayne Harmon
November 28, 2018

Trump had been expected to meet with Putin on the sidelines of the G20 economic summit in Argentina this weekend. He said he would decide on a course afterward. "Maybe. Maybe. Depends on what the rate is", he said. "Maybe I won't even have the meeting". 'I am conservatively optimistic that can be done, ' he added. "I don't want that aggression at all".

Late Monday, Ukraine's parliament agreed with the request of President Petro Poroshenko for a declaration of martial law for 30 days to defend against any additional actions by Russian Federation. But White House aides were still planning for the Putin meeting after Trump's comments. Of course, Apple is far from the only US tech company to be potentially affected, though it's certainly among the most high-profile.

But Kudlow warned that if China holds out against US demands, Washington could ramp up the trade war.

The warning from Larry Kudlow, director of the National Economic Council, came ahead of the two leaders' high-stakes sit-down on Saturday evening.

The duties are due to go rise to 25 percent on at the start of next year - something U.S. companies and markets are hoping can be averted.

"We have been ripped off badly by people coming in a stealing our wealth, " he said.

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"As far as other countries are concerned, that's up to them". Trump also said it was "highly unlikely" he would accede to Chinese requests to not institute additional tariffs. The two sides have been in negotiations for months, but Kudlow described them as being stalemated until just a few weeks ago.

Apple shares fell slightly in trading Tuesday after President Trump warned that his administration could slap a 10 percent tariff on the company's smartphones and computers amid an escalating trade conflict with China.

All three major US indexes finished positive after spending much of the session in negative territory, as Kudlow said there is an opportunity to "turn the page" on a trade war with China.

Given that Trump doesn't appear to understand the issues, and China isn't going to surrender its aspirations, there is little reason to be optimistic about the outcome of the Trump dinner with Xi Jinping.

"I wouldn't say we've ruled out any interaction", she said, although she stressed that "the president's schedule is pretty packed".

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