Deal between the U.S. and China gives the Apple iPhone a temporary reprieve from tariffs
Last week, President Donald Trump told the Wall Street Journal that he was considering imposing tariffs on mobile phones imported from China to the U.S., including the Apple iPhone. Trump, who happens to be an iPhone user himself (he actually has a pair at his disposal 24/7), was quoted in the Journal as saying that U.S. consumers would be able to financially handle a 10% tariff on the iPhone.
As part of the deal, China agreed to lower the country's trade surplus with the U.S. by purchasing a "not yet agreed upon, but very substantial amount of agricultural, energy, industrial" and other products from the U.S. If no trade agreement can be reached between the U.S. and China within the 90 days, the tariffs will be imposed on the $200 billion of Chinese imports and could go into effect on the remaining $267 billion of Chinese imports that include the iPhone and other Apple devices.
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