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Trump suggests US could slap 10% tariffs on iPhones and laptops imported from China

Key Points
  • President Donald Trump suggested he could place a 10 percent tariff on iPhones and laptops imported from China, in an interview with the Wall Street Journal published Monday.
  • He also said it's "highly unlikely" that he would delay an increase in tariffs from 10 percent to 25 percent on Jan. 1, just four days before a summit with Chinese President Xi.
  • Apple stock was down nearly 2 percent in after-hours trading.
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President Donald Trump suggested he could place a 10 percent tariff on iPhones and laptops imported from China, in an interview with the Wall Street Journal published Monday. He also said it's "highly unlikely" that he would delay an increase in tariffs from 10 percent to 25 percent on Jan. 1, just four days before a summit with Chinese President Xi Jinping.

"Maybe. Maybe. Depends on what the rate is," the president said to The Wall Street Journal about the possible iPhone and laptop tariffs. "I mean, I can make it 10 percent, and people could stand that very easily."

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Apple stock was down nearly 2 percent in after-hours trading.

Trump said he expects he will increase tariffs on $200 billion of Chinese goods to 25 percent. He will also add $267 billion worth of tariffs onto goods that are not already subjected to existing tariffs if the two countries don't make a deal.

Apple's products are currently exempt from the tariffs. It previously announced that the tariffs would affect the Apple Watch, AirPods and other products, but were spared when the tariffs were announced. Although iPhones are assembled in China, several parts come from the U.S.

Apple could not immediately be reached for comment.

Read the full report in The Wall Street Journal.

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Key Points
  • Apple CEO Tim Cook commented on President Trump's decision to exempt Apple products from the new China tariffs.
  • Cook has been vocal about the ongoing trade disagreement, even speaking directly with Trump about the tariffs.
  • He has maintained that the company's flagship handset, the iPhone, isn't likely to see tariffs.