In an interview with The Wall Street Journal published after the market close, Trump said he expects to go ahead with raising the tariff on $200 billion of imported Chinese goods to 25% from the 10% level instituted in late September.
The US president also threatened additional tariffs on $267 billion of Chinese imports if China retaliated with its own tariffs - which it did - unless the US and China reach a new trade agreement.
As for China, the only "fair deal" would be for it to open the doors to U.S. competition.
Global stock markets edged lower on Tuesday, as the previous session's strong rally ran out of steam after U.S. President Donald Trump appeared to quash hopes of a trade truce with China at the upcoming G20 Summit.
Sterling was weaker across the board after Trump said on Monday the agreement allowing the United Kingdom to leave the European Union may make trade between Washington and London more hard. 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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The report was the work of three hundred federal and non-federal scientists and experts from across a variety of federal agencies. Damaging weather alone, it says, has cost the USA almost $400 billion since 2015, and those costs are only expected to increase.
In an interview with The Wall Street Journal, Trump said he's not afraid to slap duties on consumer goods like iPhones.
China dominates USA electronics imports. "Here's what the bottom line is: China has to treat us fairly". The Journal said the administration has been anxious about a consumer reaction to such levies. "I mean, I can make it 10 percent, and people could stand that very easily", he said.
Apple's shares fell by 2.11% or US$3.69 to US$170.93 during after-hours trading at 8.25am UTC on Tuesday.
The smartphone maker did not immediately respond to a request for comment.
Despite using contract manufacturers to make most of its products overseas, Apple has also sought to emphasise its contribution to the U.S. economy, saying it plans to spend about US$55 billion in 2018 with its US-based suppliers. Tiankai said that Washington's trade tensions with China, including numerous other countries, could lead to negative repercussions worldwide.
Despite using contract manufacturers to make most of its products overseas, Apple has also sought to emphasize its contribution to the US economy, saying it plans to spend about $55 billion in 2018 with its USA -based suppliers.