“A March 1 deadline looms over the talks. The Trump administration says if an agreement is not reached by then over issues such as intellectual property rights, it will increase tariffs on Chinese imports from 10 percent to 25 percent,” Sydell reports. “Cook attributed slower sales in China in part to the devaluation of the yuan. ‘Because the local currency devalued over the course of the year,’ he said, ‘our prices did go up there, more so than did in regions that are U.S. dollar denominated.'”
“In response, Cook said, Apple has cut prices in China to be in accord with prices before the currency devaluation,” Sydell reports. “‘We’ll see how that works out for us,’ he said.”
Read more in the full article here.
MacDailyNews Take: The price cuts in China seem to be working from the reports we’ve seen.
Hopefully, we’re close to a comprehensive U.S.-China trade deal that works for both countries.
I’m cognizant that in both the U.S. and China, there have been cases where everyone hasn’t benefited, where the benefit hasn’t been balanced. My belief is that one plus one equals three. The pie gets larger, working together. — Apple CEO Tim Cook, March 24, 2018
The United States is insisting that all countries that have placed artificial Trade Barriers and Tariffs on goods going into their country, remove those Barriers & Tariffs or be met with more than Reciprocity by the U.S.A. Trade must be fair and no longer a one way street!
— Donald J. Trump (@realDonaldTrump) June 24, 2018
At least half of the popular fallacies about economics come from assuming that economic activity is a zero-sum game, in which what is gained by someone is lost by someone else. But transactions would not continue unless both sides gained, whether in international trade, employment, or renting an apartment. — Thomas Sowell, June 14, 2006
President Trump says U.S. doing well in trade negotiations with China – January 23, 2019
China’s 2018 growth slows to 28-year low, more stimulus seen – January 22, 2019
Apple CEO Tim Cook: I’m very optimistic about U.S.-China trade talks – January 8, 2019
Advisor to President Trump: Apple’s sales should pick up when U.S.-China strike trade deal – January 3, 2019