"His comments reflect how little progress has been made in trade talks so far and highlights the low probability for any deal to be agreed with China's president Xi [Jinping] when the two presidents meet at this week's Group of 20 [G20] summit", said London Capital Group analyst Jasper Lawler.
The rate increase, from 10pc to 25pc, is due to be implemented on Jan 1. Beijing responded by slapping $50 billion of US products with additional levies before Trump escalated the trade dispute further by adding taxes to another $200 billion in Chinese products.
Given that a massive amount of electronic equipment is manufactured in China, these proposed new tariffs would likely have a major impact on the video game industry.
The Black Caviar Apple Watch Series 4 with black
Additionally, existing U.S. duties on Chinese imports are set to rise from 10 percent to 25 percent in January, affecting $200bn worth of imported goods. In September, the Trump administration announced a 10 per cent tariff on US$200 billion of Chinese goods, and said the rate will rise to 25 per cent on January 1. In 2017, China accounted for 61.6% of electronics imports into the United States, far exceeding South Korea's 4.5%, according to data from trade intelligence tracker PIERS.
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.
Trump told the WSJ that companies importing goods from China should move plants to the U.S. Apple builds its phones and laptops overseas, though many parts come from its home country. "I mean, I can make it 10 percent, and people could stand that very easily", he said.
Wall Street's main indexes swung between gains and losses during the session, but are now off their session lows with Apple Inc AAPL.O paring losses and chipmakers turning positive. An Apple spokesman did not immediately respond to Reuters' queries.
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