Trump's tariffs on Chinese imports could raise Apple iPhone prices in the U.S.
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If you live in the U.S. and end up having to pay much more for your next Apple iPhone, you might put the blame squarely on President Donald J. Trump. The president went against the advice of his rapidly changing staff (can't tell the players without a scorecard) and announced tariffs against imports from China. A 25% tariff will be added to as much as $50 billion worth of goods from the country. The majority of products affected are said to be from the high-tech sector.
China does not have any way to make it harder for companies like Apple to have their devices assembled in the country, so even if China retaliates against the U.S., it would appear that iPhone buyers in the states will be among the most affected, even though the motive in announcing the tariff is to get back at China's alleged theft of U.S. intellectual property. China currently runs a $375 billion trade surplus with the U.S. and the Trump administration wants it to be reduced by at least $100 billion.
"We don't want a trade war with the United States, or with anybody else. But we are not afraid of it. If somebody tries to impose a trade war on us, we will fight."-Cui Tiankai, China's ambassador to the U.S.
Before the tariffs are put into place, the U.S. will release a list of 1,300 products that are affected. U.S. companies who buy some of these products will be able to appeal.
source: IBD
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