Economy

China has to treat United States fairly

China has to treat United States fairly

In recent months the United States and China have been engaged in rather heated negotiations regarding global trade deals, and the USA has leveraged tariffs in an attempt to gain the upper hand.

The latter action, if it occurs, could have a major impact on the video game industry.

President Donald Trump expects to carry on and raise tariffs on US$200 billion in Chinese imports to 25% from the current 10% and is "highly unlikely" to accept China's plea to hold off the tariff hike due on January 1.

President Donald Trump and China's Xi Jinping will meet over dinner Saturday evening in Buenos Aires marking a pivotal moment in the escalating trade war between the world's two largest economies.

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"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.

It paves the way for the existing 10% U.S. import tariff on $200bn (£158bn) of Chinese goods to increase to 25% from 1 January. Can the same be said for video game consoles?

Trump mentioned Apple's iPhones and laptops as consumer goods that might be subject to tariffs.

"Right now if you look at the deal, [the UK] may not be able to trade with us", Mr Trump told reporters outside the White House. "I mean, I can make it 10 percent, and people could stand that very easily", he said.

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Apple's stock is down more than 20 percent since November 1, when it gave a lukewarm sales forecast for the upcoming holiday season and said it would stop disclosing how many iPhones it sells every quarter. Although iPhones are assembled in China, some of the parts come from the US.

"Maybe. Maybe. Depends on what the rate is", Mr Trump said, referring to the possibility of tariffs on mobile phones and laptops, according to the Wall Street Journal.

Apple's shares fell by 2.11% or US$3.69 to US$170.93 during after-hours trading at 8.25am UTC on Tuesday.

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

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Despite using contract manufacturers to make most of its products overseas, Apple has also sought to emphasise its contribution to the United States economy, saying it plans to spend about US$55 billion in 2018 with its US-based suppliers.