wonder if consumers will see big price jumps this Christmas thanks to the coming round of tariffs; look at the latest forecast for global economy in 2020; and check on one better-than-expected manufacturing indicator.
No Apple Tariffs?
Stocks went slightly lower on Thursday, as trade-deal optimism remained cautious. The Dow Jones Industrial Average lost 54.80 points, or 0.20%, to close at 27,766.29. The S&P 500 is down 4.92 points, or 0.16%, to finish at 3103.54 and the Nasdaq Composite fell 20.52 points, or 0.24%, to finish at 8506.21.
Talks for a “phase one” trade deal—announced weeks ago—still hasn’t shown much progress. There are plenty of roadblocks between the two countries: Tariff rollbacks, agriculture purchases, and the U.S. attitude toward Hong Kong’s antigovernment protests. Still, Chinese Vice Premier He Liu said he is “cautiously optimistic” about a deal and invited his U.S. counterparts to China for a new round of face-to-face talks.
During a Wednesday visit to one of Apple’s (AAPL) facilities in Texas, President Donald Trump said China’s not stepping up in the trade negotiations to a level that he wants. “I haven’t wanted to do it yet,” said Trump.
The president also said he was looking at exempting Apple from a coming round of China tariffs that could boost iPhone prices sharply for U.S. consumers right around the holiday shopping season.
South Korea-based Samsung Electronics —one of Apple’s major competitors—has moved its smartphone production out of China already and won’t be subject to the U.S. tariffs on Chinese imports. But a lot of Apple’s production remains in China. If iPhones are charged with the new tariffs, it would give Samsung a big price advantage over Apple. “We have to treat Apple on a somewhat similar basis as we treat Samsung,” said Trump, who was paired with Apple CEO Tim