U.S. markets open lower after Donald Trump’s tariff threat

Ahead of a meeting with Chinese President Xi Jinping US President Donald Trump said it was

Federal Reserve Vice Chairman Richard Clarida said the central bank should continue to gradually raise interest rates, but it is "especially important" to closely monitor new economic data as monetary policy is getting close to a neutral stance.

Wall Street was set to open lower on Tuesday after President Donald Trump said he would move ahead with more tariffs on Chinese goods, dampening optimism of resolving the ongoing trade spat at the upcoming G20 Summit.

Shares in Apple Inc fell after-hours in reaction to Trump's comments that tariffs could also be placed on laptops and iPhones imported from China. "If we don't make a deal, then I'm going to put the $267 billion additional on", he said.

White House spokeswoman Sarah Huckabee Sanders called the trip an opportunity for the president to cement relations with other world leaders and advance a global economic system based on "free, fair and reciprocal trade". Trump has apparently not yet decided whether this new tariff will be 10% or 25%, but when asked about potential backlash, he indicated that consumers would "very easily" accept a 10% increase on phone prices.

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At a regular news briefing in Beijing on Tuesday, Chinese foreign ministry spokesman Geng Shuang reiterated China's hope that both sides could work towards a "positive outcome" from the meeting between the two leaders, citing a "consensus" they reached during a November 1 telephone call. Kudlow said there were no scheduled talks on the ground for their advisers.

"The main issue is how to settle down the trade war", the official said on condition of anonymity due to the sensitive nature of preparatory negotiations. UBS estimates that a 10% tariff on Apple's best selling product would cost Apple $1.5 billion in earnings. 'I am conservatively optimistic that can be done, ' he added.

American and Chinese negotiators are trying to reach a deal that will both prevent future import taxes and remove current ones, but their current positions are far apart.

China will have to give way on "fairness and reciprocity", he said, warning that U.S. concerns over intellectual property theft and China's forced technology transfers "must be solved". However, in recent months, he has modified that view, saying in an interview this year that "it's not true that the iPhone is not made in the United States".

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