Apple Stock Drops as Trump Discusses Potential iPhone Tariff

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However again, to repeat, the president said there is a good possibility that we can make a deal and he is open to it.

After repeated attempts by various United States and Chinese officials, China watcher and Sinocism newsletter author Bill Bishop tweeted that the talks could in fact do serious damage.

Trump said he would place tariffs on an additional $267 billion in Chinese-made goods if he is unable to reach an agreement with Beijing during the upcoming Group of 20 summit in Bueno Aires, Argentina. In 2017, the US bought more than $522 billion worth of goods from China.

In an interview with The Wall Street Journal published after the market close, Trump said he expects to go ahead with raising the tariff on $200 billion of imported Chinese goods to 25% from the 10% level instituted in late September.

"China should change its practices and come into the community of responsible trading nations", Kudlow said, stressing that he considers the U.S. economy in far better shape than China's to weather a prolonged trade war.

"(But) the longer it takes, the more concern the market feels that this is never going to happen, or it's just more rhetoric and people start to lose faith".

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.

'Not happy about it': Trump fumes as 15,000 auto jobs slip away
Mr Kudlow, who met with Ms Barra on Monday, said Mr Trump felt betrayed by GM, which the Government had been trying to help. That may have played a role in the decision to lay off what amounts to 8 percent of GM's global workforce .

The Dow had ended Monday up 1.46 per cent, the S&P 500 gained 1.55 per cent and the Nasdaq 2.06 per cent.

European markets opened subdued, but dipped as trading progressed.

The euro edged lower to $1.13235.

Trade-related worries lifted the greenback.

Other Apple products assembled in China, like AirPods, the MacBook Pro, iPad, and Apple Watch, could also be subject to the new tariffs. "Maybe. Maybe. Depends on what the rate is", he said. New data indicates a record $7.9 billion in sales. Asian markets were little changed, showing resilience despite US President Donald Trump's comments that seemed to dim hopes of a trade truce with China.

Oil prices are down by nearly a third since early October, weighed down by an emerging supply overhang and widespread financial market weakness. -China trade war and signs of increased global crude production.

Brent crude futures rose US$1.68 to US$60.48 a barrel, while USA crude gained US$1.16 to US$51.58 a barrel.