President Trump expects to jack up tariffs on Chinese imports -- and that might include Apple (AAPL) iPhones and laptops.
In an interview with the Wall Street Journal, President Trump said it's unlikely he will agree to hold off on imposing additional tariffis on Chinese goods, as Beijing has requested. Trump is slated to meet later this week with Chinese leader Xi Jinping during the G20 summit in Buenos Aires, during which the two are expected to discuss trade. Currently, there are tariffs of 10% imposed on $200 billion of Chinese goods imported into the U.S. Those rates are due to rise to 25% on January 1, 2019 unless the two countries can negotiate an alternate scenario.
In addition to the broader tariffs, President Trump name-checked Apple in the interview, suggesting that a 10% tariff could be placed on iPhones and Macbooks as well as other smartphones and computers, which are manufactured in China: "People could stand that very easily," Trump told the Journal.
The move is a change from earlier rounds in Trump's trade war with China. Apple CEO Tim Cook has been a vocal critic of the tariffs, and has managed, so far, to keep the company's products off the tariff lists.
"What I'd advise is for them to build factories in the United States and to make the product here," Trump added. "And they have a lot of other alternatives."
Apple shares were down as much as 1.76% in after-hours trading following the Wall Street Journal report.