Analysts say failure to find common ground at a G20 meeting in Argentina this week could lead to a deterioration in the trade war which is already hurting industries and risks derailing the global economy.
According to The Wall Street Journal, if negotiations dont produce a favorable outcome for the U.S., additional goods for $200 billion, will be slapped with up to 25% tariffs, including consumer electronics by Apple and other products manufactured in China. He said Trump is "not going away".
"If need be, if things don't work out in this U.S".
S&P 500 e-minis were down 13 points, or 0.49 percent and Nasdaq 100 e-minis were down 46.75 points, or 0.7 percent.
Shares of Hon Hai Precision Industry Co., the biggest iPhone assembler, slipped less than 1 percent in Taiwan trading Tuesday and have dropped about 40 percent this year.
Trade-related worries lifted the greenback.
The index that measures the dollar against a basket of other currencies was up 0.1 per cent.
He also said that "Apple could ultimately mitigate any tariff impacts" if Trump goes ahead with the plan.
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"Although the current economic situation in the U.S.is good, people can not rule out the possibility of another-I don't want to use the word "crisis"-a similar situation as what happened 10 years ago", he warned".
Attention turned to a speech on Wednesday by Fed Chairman Jerome Powell and minutes from the central bank's November 7-8 meeting to be released on Thursday, for further clues of how many more times the Fed is likely to hike interest rates.
Sterling slumped against the dollar and the euro as doubts grew about whether British Prime Minister Theresa May can get a Brexit agreement through a divided Parliament.
In his early years running Apple, Cook would respond to questions about increasing manufacturing in the U.S.by saying the skill sets in China are more conducive to producing the company's products.
In commodity markets, oil prices climbed almost 3 per cent on yesterday in what was seen as largely a technical correction after weeks of losses. Sacconaghi added that if Trump decides to continue the trade war with China, the latter could turn around and make life miserable for Apple by disrupting the company's supply chain.
In commodity markets, oil prices steadied, depressed by record Saudi Arabian production but supported by expectations that oil exporters would agree to output cuts at an OPEC meeting next week.
USA crude oil futures settled at $51.56 a barrel, down 7 cents or 0.14 percent, after slipping as low as $50.30 earlier in the session.