Trump eyes more China tariffs, pushing total upwards of $500bn

US President Donald Trump is due to meet Chinese leader Xi Jinping later this week to try to defuse the trade dispute between Washington and Beijing

US President Donald Trump is due to meet Chinese leader Xi Jinping later this week to try to defuse the trade dispute between Washington and Beijing

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. He also told The Journal it was "highly unlikely" that the USA would exit this week's G20 summit with an agreement to hold off on increasing duties already in place on Chinese goods.

Mr Trump, who is due to meet Mr Xi on the sidelines of the G-20 summit in Buenos Aires this week, said that if negotiations were unsuccessful, he would also put tariffs on the rest of Chinese imports.

Shares of Boeing, the single largest U.S. exporter to China, fell 1.2% and fellow Dow component Caterpillar fell 1.6%, weighing on industrial stocks.

"The only deal would be China has to open up their country to competition from the United States", he told the WSJ.

On the macro front, a report from the U.S. Conference Board at 10:00 a.m. ET is expected to show that its consumer confidence index slipped to 135.9 in November from a reading of 137.9 in the prior month.




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".

"If we don't make a deal, then I'm going to put the $267 billion additional on", Mr Trump was also quoted as saying. "I mean, I can make it 10%, and people could stand that very easily". "We have a good relationship", he said when asked about the likelihood of a trade deal with China. The Journal said the administration has been anxious about a consumer reaction to such levies.

"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.

The smartphone maker did not immediately respond to a request for comment. His aides, however, have reportedly suggested that those items be exempt from the tariffs in fear of consumer reaction. Tiankai said that Washington's trade tensions with China, including numerous other countries, could lead to negative repercussions worldwide. Earlier this year, Apple said products like the Apple Watch and AirPods would be affected before the US said it wouldn't impose taxes on such items.

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