Trump promises Apple he won’t put tariff on iPhones

Trump threatens to impose more trade tariffs on China

"If the United States side becomes irrational and issues the list, China will have to adopt measures that are comprehensive measures in quantity and quality in order to make strong countermeasures".

The plummet follows an announcement yesterday by US President Donald Trump that he planned to hit the world's second largest economy with 10% levies on US$200 billion (RM799 billion) worth of imports -a move Beijing labelled "blackmail", threatening to respond in kind.

He threatened to impose tariffs on an additional $200 billion worth of Chinese goods if Beijing follows through with its promise to retaliate against a previous round of USA tariffs.

"Such practice of imposing extreme pressure and blackmailing is contrary to the consensus the two sides have reached through rounds of consultations, and disappoints the global community", a Ministry of Commerce spokesperson said.

There is no end in sight to the trade fight, as both sides continue to up the ante. Last week he threatened 25 percent tariffs on $50 billion in Chinese products with another $100 billion targeted beyond that.

"The financial markets are trying to gain a breather after last week, when there were many news events, but U.S".

But if Trump goes through with the 25% tariff on $US50 billion of Chinese imports to the U.S. and 10% on another $US400 billion worth of imports, China would need to impose a 40% tariff on the $US130 billion worth of U.S. goods imports to China to hit back in an equal amount. Those tariffs were matched by China's threat to penalize on US exports, a move that drew the president's ire.

With support from the Trump administration in the USA, the question is whether China will also keep its hands off the iPhone.

Navarro suggested on the call with reporters that China could use other measures besides tariffs to strike back at the USA economically.

"Investors are waking up to the idea that all the rhetoric on trade could be more than just a negotiating tactic", said Emily Roland, head of capital markets research at John Hancock Investments in Boston.

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For months now, the United States and China have been exchanging ever-escalating threats, raising fear about a potentially destabilizing trade war. "The United States will no longer be taken advantage of on trade by China and other countries in the world".

FILE - U.S. President Donald Trump signs a memorandum on intellectual property tariffs on high-tech goods from China, at the White House in Washington, DC, U.S., March 22, 2018. He did not say when the new target list would be unveiled.

US Trade Representative Robert Lighthizer said his office was preparing the proposed tariffs and they would undergo a similar legal process as previous ones, which were subject to a public comment period, a public hearing and some revisions.

At the heart of the dispute is the ballooning trade deficit between the U.S. and China. If Trump carries through on all his trade threats, the result would be higher costs on virtually all the goods that the United States imports from China.

According to the report, Trump's administration has explicitly told Cook that it will not place tariffs on Chinese-assembled iPhones - a major guarantee for the company - but Apple is concerned about potential actions by China's government.

China had offered to ramp up purchases of American goods by $70 billion to help cut its yawning trade surplus with the United States, whereas Trump had demanded a $200 billion deficit cut.

Al Jazeera's Adrian Brown, reporting from Beijing, described Trump's statement as a "dangerous game of bluff".

As reported by Reuters, Beijing is looking at becoming more cautious about spending to reduce the risks from a rapid build-up in debt.

Derek Scissors, a China scholar at the American Enterprise Institute, a Washington think tank, said that means China will soon run out of imports of USA goods on which to impose retaliatory tariffs.

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