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As Citibank estimated, China's GDP growth might be slowed by 0.23 percentage points once the tariffs are imposed. As China has various trade partners worldwide, coupled with the Belt and Road Initiative, the impact will be quite limited, said Wu.

As Air Force One touched down in the state, California and 19 other states that are suing Trump over his emergency declaration to build a border wall requested a court order to stop money from being diverted to fund the project. But Trump, who ratcheted up his hard-line immigration rhetoric in recent weeks, declared that his move, which included vetoing a congressional vote, was necessary.

Apple predicted its revenue for the January-March period will range from billion to billion. Analysts surveyed by FactSet had been anticipating revenue of about billion.

Apple still relies on China to produce many of its products, so it will be watching the trade negotiations between China and the US closely.

As China upgrades its manufacturing base through the Made in China 2025 plan, the US, the world’s only superpower, cannot accept this and sees China’s fast development as a threat to its global dominance, said Zhou Mi, a senior researcher at the Chinese Academy of International Trade and Economic Cooperation, a government think tank.