Published: Wed, November 28, 2018
Money | By Hannah Jacobs

China has to treat USA fairly

China has to treat USA fairly

Wall Street was set to open lower on Tuesday after President Donald Trump said he would move ahead with more tariffs on Chinese goods, dampening optimism of resolving the ongoing trade spat at the upcoming G20 Summit.

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

Canada's main stock index also fell on Tuesday, as Trump's latest threat to raise tariff on Chinese imports hit mining shares.

In recent months the United States and China have been engaged in rather heated negotiations regarding global trade deals, and the USA has leveraged tariffs in an attempt to gain the upper hand. He also said that "Apple could ultimately mitigate any tariff impacts" if Trump goes ahead with the plan. "I mean, I can make it 10%, and people could stand that very easily".

The shares, which have lost about a fifth of their value in a tech market rout since October, were down 1.5 percent to $172.02 (U.S.) Tuesday morning in NY.

He also said he expects to move ahead with raising tariffs on $200 billion in Chinese imports to 25% from 10% now.

This was due to a sharp fall in Britain's currency - after US President Donald Trump appeared to suggest it might be hard for Britain to negotiate a free-trade deal with the US after it withdraws from the European Union. USA light crude was up 33 cents at $51.96.

All three major US indexes finished positive after spending much of the session in negative territory, as Kudlow said there is an opportunity to "turn the page" on a trade war with China.

"Our view on tariffs is that they show up as a tax on the consumer and wind up resulting in lower economic growth and sometimes can bring about significant risk of unintended consequences", Cook said, according to a FactSet transcript.

Trump is also inked in to meet separately with Russia's Vladimir Putin and the leaders of Argentina, Germany, India, Japan, South Korea and Turkey, White House officials said.

"If we don't make a deal, then I'm going to put the US$267 billion additional on", at a tariff rate of either 10 per cent or 25 per cent, Mr Trump told the Wall Street Journal. Over the past six months, Trump has imposed import tariffs on Chinese products worth $250 billion and another round of an equal amount is ready to be imposed if there is no trade deal.

"They have to open up China to the United States".

Like this: