U.S. President Donald J. Trump said an interview with The Wall Street Journal (WSJ) Monday that the levy could be as high as 10 percent.
Trump is also set meet with Chinese President Xi Jinping over dinner this weekend, in what may be a pivotal session to determining if and how the ongoing trade dispute between their two countries could be resolved. The president said the tariffs rate could be 10 percent or 25 percent.
In recent months the United States and China have been engaged in rather heated negotiations regarding worldwide trade deals, and the U.S. has leveraged tariffs in an attempt to gain the upper hand. Apple's products are now exempt from USA tariffs. "If we don't make a deal, then I'm going to put the $267 billion additional on", he said. Chinese manufactured products account for 61.6% of the consumer electronics imported into America. Tiankai said that Washington's trade tensions with China, including numerous other countries, could lead to negative repercussions worldwide. Chinese officials responded with retaliatory tariffs on American goods.
"Trump's pessimistic view on the chances of a game-changing China trade deal may puncture global equity markets' optimistic start to the week", said Sean Callow, a senior FX analyst at Westpac in Sydney.
"I am conservatively optimistic that can be done", he added.
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China has retaliated but has less room to manoeuvre as the United States buys much more from China than it exports there.
Late on Monday, though, Mr Trump warned that he was prepared to raise the stakes even higher, hitting Apple phones and laptops made in China if Mr Xi did not offer what he considered a "fair deal" with the USA on trade.
'We can buy from Japan and South Korea or develop our own.
White House chief economic adviser Larry Kudlow speaks to reporters outside the White House in Washington, U.S. November 13, 2018.
Technology controls would also be a double-edged sword, so in the long term it would not be a win-win situation, but a lose-lose one, Xu said.
Stocks on Wall Street logged modest gains on Tuesday as traders remained hopeful that the United States and China can work toward resolving their trade-related differences at the upcoming G20 Summit.