Apple could 'ultimately mitigate' Trump's tariffs, UBS says (AAPL)

Business Insider SA

Oil prices steadied, while the US dollar, which has benefited from safe-haven flows this year as the trade conflict worsened, rose against peers.

Ahead of the G20 meeting in Argentina, which begins on Friday, the U.S. president used a newspaper interview to warn China that he expects to move ahead on the imposition of higher import tariffs on Chinese goods.

Mr Trump told The Wall Street Journal that the goods from China that could be subjected to new tariffs included iPhones and laptops.

Apple CEO Tim Cook has personally pressed the issue of tariffs with Mr Trump, telling the President that while there are valid concerns about US-China trade relations, tariffs are not the best way to resolve them.

Washington has kicked off the process of putting tariffs and investment restrictions on Chinese companies, while taking the Middle Kingdom to the World Trade Organization for dispute settlement.

"We are seeing a greater degree of stability in sterling, but it went below recent ranges on Trump's comments", said Neil Mellor, currency strategist at Bank of New York Mellon in London.

"Maybe. Maybe. Depends on what the rate is", Trump said of smartphones and laptop computers to the WSJ.

Apple products have so far escaped the growing trade war between China and the Trump administration, but the grace period may be coming to an end soon.

"As you can imagine this is a big deal, this meeting - the stakes are very high", Kudlow said.

The Trump-Xi meeting would be the first since the two countries began hitting each other with import taxes earlier this year.

'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.

"I am conservatively optimistic that can be done", he added.

U.S. President Donald Trump is open to reaching a deal on U.S.

Trump is expected to meet with Chinese President Xi Jinping at the G-20 meeting in Buenos Aires this week.

Asked whether the two sides had agreed on a list of agenda items for the leaders to discuss, Kudlow said: "We're in some significant preparation on all that". Once the chain is broken, the United States would be affected too'.

Reports suggest that the USA government and China are close to closing a deal which could help reverse ZTE's failing fortunes.

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