Local Editor

US President Donald Trump is shutting the door on a temporary ceasefire in an ongoing tit-for-tat trade war with China just days ahead of an upcoming summit in Argentina.

In an interview with the Wall Street Journal published Monday Trump said it was "highly unlikely" he would accept an offer by Chinese leader Xi Jinping aimed at averting Trump's plan to raise tariffs on more than $200 billion of Chinese goods to 25% in January.

He also warned once again he was poised to slap a third round of tariffs on Chinese goods if the two leaders fail to broker an end to the trade rift when they meet later this week in Buenos Aires, Argentina, on the sidelines of the G20 summit.

"If we don't make a deal, then I'm going to put the $267 billion additional on," said Trump in the interview, adding the tariff level could either be 10% or 25%.

Trump said in the interview that could include tariffs on Apple products imported from China, including iPhones and laptops. Apple's stock fell 1.5% in after-hours trading, erasing earlier gains from the day.

"Maybe. Maybe. Depends on what the rate is," the president said. "I mean, I can make it 10%, and people could stand that very easily."

The tariffs have drawn complaints from American businesses, who are responsible for paying the import duties. It's also spurred concerns about renewed inflation, just as the Federal Reserve is set to raise interest rates in December.

More than 100 S&P companies have already pre-emptively telegraphed during the third quarter earnings calls the damage further tariffs would impose on the US economy.

Multiple companies including Walmart, America’s biggest retailer, warned that prices on everyday goods like shampoo, detergents and paper goods will get more expensive for consumers.

Source: News Agencies, Edited by website team