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

He said the tariffs could also be placed on laptops and Apple Inc's (AAPL.O) iPhones imported from China, and that any potential backlash from USA consumers could be tempered if the tariff rate was just 10 percent, according to the newspaper.

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.

Speaking to the Wall Street Journal, Trump said that the only deal he would take from China would be to open up to USA competition.

The comments ran counter to recent speculation about a possible deal when Trump meets Chinese President Xi Jinping at the G20 summit in Buenos Aires later this week. 'I mean, I can make it 10 per cent, and people could stand that very easily'.

Approximately half of all Chinese imports to the USA have been subject to a 10 percent tariff since September, but if upcoming trade negotiations between the United States and China don't work out, the tariffs could be expanded to all imported goods from China.

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White House economic guru Larry Kudlow told reporters Tuesday that new tariffs are definitely coming 'if we can't get something done.

American and Chinese negotiators are trying to reach a deal that will both prevent future import taxes and remove current ones, but their current positions are far apart.

The Trump administration has blasted Moscow's latest actions in Ukraine, a former Soviet republic, but the president himself has given a far lower key response.

All three major USA indexes finished positive after spending much of the session in negative territory, as Kudlow said there is an opportunity to "turn the page" on a trade war with China. The two sides have been in negotiations for months, but Kudlow described them as being stalemated until just a few weeks ago.

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. What would the United States do?' Xu told a small group of reporters in Beijing on Tuesday, adding that China accounts for at least half of the market for many US listed companies. The Kremlin firmly rejected the accusations, warning that Russian Federation would be forced to take measures to ensure its own security if the United States terminates the treaty.