U.S. likely 'biggest loser' if iPhones slapped with tariffs

Apple Stock Drops as Trump Discusses Potential iPhone Tariff

At the G20 meeting in Buenos Aires on November 30, Trump and Chinese President Xi Jinping are expected to discuss contentious trade matters that would have an impact on trade-sensitive currencies such as the Australian and New Zealand dollars.

Some US$250 billion worth of tariffs have been slapped on goods from China and duties are set to increase from 10 per cent to 25 per cent on another US$200 billion worth of goods not already on the list.

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

Stocks on Wall Street logged modest gains on Tuesday as traders remained hopeful that the United States and China can work toward resolving their trade-related differences at the upcoming G20 Summit. "But on the other hand, if these conditions I mentioned a few moments ago are not met and not dealt with the president has said, look, he's perfectly happy to stand on his tariff policies".

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On Monday, the president said the USA did not approve of escalating violence between Russian Federation and Ukraine, but didn't specifically call out Russia's behavior.

President Donald Trump is ready to go all out in his China trade war.

Cupertino, California-based Apple, which already lost 20 per cent of its value in a tech market rout since October, risks further losses when tariffs on its devices come into effect on January 1 next year.

Analysts at National Australia Bank noted the 30 per cent drop in oil since early October would drag on US inflation in coming months, perhaps offering further reason for the Federal Reserve to go slower on tightening.

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Trade-related worries lifted the greenback and the dollar index, which tracks the USA dollar versus the euro, yen, sterling and three other currencies, was up 0.21 per cent at 97.281.

"If we don't make a deal, then I'm going to put the $267 billion additional on", at a tariff rate of either 10 percent or 25 percent, Trump told the Journal. He declined to say what other USA officials will join Trump in the session.

Since summer, trade tensions have simmered between Washington and Beijing as Trump first announced $50 billion in additional tariffs on Chinese products, arguing that the Asian nation was treating the U.S. However, in recent months, he has modified that view, saying in an interview this year that "it's not true that the iPhone is not made in the United States".

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