New Tariffs Could Raise Console Prices in the US

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Mr. Trump is set to meet with his Chinese counterpart, Xi Jinping, on Friday and Saturday during the summit in Buenos Aires, which involves finance ministers and other top officials from 20 of the world's largest economies.

The issue is the biggest looming over Trump's visit to Argentina, with the two economic giants locked in exchanges of punitive tariffs and Washington effectively threatening to impose sanctions on all remaining Chinese imports, including Apple products made in China.

The news sent shares lower in London and NY on Tuesday, after Trump told the Wall Street Journal it was "highly unlikely" that he would heed a call by Beijing to refrain from increasing the tariffs from the start of next year.

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

US President Donald Trump has told the Wall Street Journal that the US may proceed with new tariffs on consumer tech made in China, including the iPhone.

Vehicle tariffs on both sides have been increased amid a worsening trade war between the USA and China.

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"The only deal would be [that] China has to open up their country to competition from the US".

Apple, which is now exempt from the existing tariffs, didn't comment to the WSJ, but has suggested to USA trade authorities that tariffs would put the California-based company at a disadvantage against competitors overseas and that it could mean higher prices for US consumers.

While others in the administration are also clearly concerned about China's growing geopolitical influence and see its "One Belt, One Road" initiative as inimical to United States interests, Trump's perspective is narrower and more parochial.

Trump said he was waiting for a "full report" from his national security advisers later Tuesday about the alleged attack, claiming the information would be "very determinative". Ultimately, the US President advised companies willing to avoid tariffs should “build factories in the United States”. They are, of course, ultimately a tax on U.S. consumers and shareholders. This week General Motors announced it would close five of its North American plants, costing of almost 15,000 jobs.

Mr Trump launched a trade war with China this year, which has seen the United States hit about half of all Chinese imports into the U.S. with tariffs. GM's move came after rival automaker Ford said steel tariffs imposed this spring already have cost it $1 billion.

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