Apple CEO Tim Cook made 'very compelling argument' against tariffs, Trump says
Apple CEO Tim Cook warned President Donald Trump about the impact of U.S. tariffs on Chinese imports at a dinner Friday.
Cook “made a good case” that tariffs would bruise Apple’s business, while South Korean competitor Samsung’s products would not be subject to the tariffs, Trump told reporters Sunday evening.
The U.S. and South Korea agreed to a trade deal last September, which would exempt Samsung from these latest concerns.
“I thought he made a very compelling argument, so I’m thinking about it,” Trump said of Cook, while speaking to the press at a New Jersey airport.
The tariffs on an additional $300 billion of Chinese goods, including consumer electronics, are scheduled to roll out Sept. 1 and Dec. 15. Apple will be hit, along with other retail products like clothing.
The Apple Watch and HomePod would be subject to the levies as soon as Sept. 1, while other products like MacBook laptops and iPhone would suffer the next round of tariffs on Dec. 15.
After Trump’s comments, U.S. stock futures rose. Trump also tweeted Sunday that the administration was “doing very well with China.”
At the height of the U.S.-China trade war, Trump sought to shift production for many manufactured goods to America, though it currently manufactures goods like the iPhone in China. In June, The Wall Street Journal reported Apple planned to shift production of the MacBook Pro laptop to China.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| AAPL | APPLE INC. | 167.04 | -0.96 | -0.57% |
Last week, Apple reported its financials 6.6% decrease from its previous report, while stock is up 30.9 percent. It claims over direct 90,000 Apple employees, 450,000 U.S.-based parts suppliers, and 1.9 million App Store workers. The tech giant also projects it will create another 20,000 jobs by 2023.
Apple did not immediately respond to Fox Business for comment.