Trump's 10% China tariff could boost phone, console, laptop prices
And with the president’s trade tweets, the Dow drops 250 points.
PlayStations made in China could cost more.
US President Donald Trump announced plans Thursday to levy an additional 10% in tariffs against another $300 billion in Chinese goods starting Sep. 1. In a tweet, Trump said this would not include the $250 billion worth of Chinese goods already tariffed at 25%.
The tariffs could result in pricier gaming consoles, iPhones and laptops, given that many tech companies using components manufactured in China.
"We thought we had a deal with China three months ago, but sadly, China decided to re-negotiate the deal prior to signing. More recently, China agreed to buy agricultural product from the U.S. in large quantities, but did not do so," Trump tweeted.
Earlier in the week, a US delegation met with Chinese trade officials for the first time since the countries reached a truce at the June G-20 Summit, where China committed to buying more US agricultural exports.
The day's 300-point gain in the Dow Jones Industrial Average was largely erased following the announcement. Similar drops were seen in the Nasdaq Composite and S&P 500, dampening enthusiastic spurred by the first cut to interest rates by the Federal Reserve in over a decade.
