Trump warns Apple iPhones could face 10% tariff, shares sink

Trump warns Apple iPhones could face 10% tariff, shares sink

Apple's stock fell 1.8% in after-hours trading on Trump's comments.

Federal Reserve Vice Chairman Richard Clarida said the central bank should continue to gradually raise interest rates, but it is "especially important" to closely monitor new economic data as monetary policy is getting close to a neutral stance.

The rally came after the S&P 500 on Friday recorded its lowest close in six months, down more than 10 per cent from September's peaks, putting it in "correction" territory.

U.S. President Donald J. Trump said an interview with The Wall Street Journal (WSJ) Monday that the levy could be as high as 10 percent.

Trump's latest comments come four days before a planned summit with China's President Xi Jinping on the sidelines of the G20 leader's meeting in Buenos Aires, Argentina, where industries impacted by the trade war are hoping China will offer concessions that will halt further punitive measures by Trump.

Mr Trump said it was "highly unlikely" that he would agree to Beijing's request to hold off on the tariff rise, the newspaper said.

Plane overshoots destination off Tasmania after pilot falls asleep
Vortex Air's managing director Colin Tucker declined to comment on the investigation when contacted by Daily Mail Australia. Last year, five people died when a plane on its way to King Island crashed moments after takeoff in Melbourne .

The dollar index, which measures the dollar's value against six other major currencies, rose 0.2pc to 97.28, its highest level in nearly two weeks.

If Trump decides to impose the new tariffs, the total amount of taxes on goods from China would be up to $517bn.

The early reaction was limited to a drop in trade-sensitive currencies, including the Australian dollar, with share markets yet to open in Asia.

Sterling was weaker across the board after Trump said on Monday the agreement allowing the United Kingdom to leave the European Union may make trade between Washington and London more hard. The euro was flat at $1.1335.

In an interview with The Wall Street Journal, Trump said that if negotiations did not produce a favourable outcome for the United States, he would also put tariffs on the rest of Chinese imports that are now not subject to duties.

The Dow had ended Monday up 1.46 per cent, the S&P 500 gained 1.55 per cent and the Nasdaq 2.06 per cent. Oil had climbed almost 3 per cent on Monday but that was seen as largely a technical correction after weeks of heavy losses, driven both by oversupply and demand worries. To discuss China-U.S. relations amidst a trade war: Zhao Hai is a research fellow with the Chinese Academy of Social Sciences.

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