“Apple Inc’s Chief Executive Tim Cook on Saturday called for ‘calm heads’ and more open trade, amid rising fears of a trade war between the United States and China,” Matthew Miller and Cate Cadell report for Reuters. “Trade tension between China and the United States flared this week when President Donald Trump unveiled plans on Thursday to slap tariffs on potentially up to $60 billion in Chinese goods.”
“‘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,’ Cook said,” Miller and Cadell report. “Speaking at the annual China Development Forum in Beijing, Cook said he hoped ‘calm heads’ would prevail.”
“In the past year, Apple and other foreign tech firms have grappled with a string of new regulatory requirements in China, including a controversial law requiring firms to house user data in data centres overseen by Chinese firms,” Miller and Cadell report. “Last month, Apple officially moved to store keys for its iCloud data in China, provoking intense criticism from rights groups who say the decision makes it easier for Chinese officials to tap and collect private data.”
Cook has come to China several times in the past year, and was among executives who met Chinese President Xi Jinping last October,” Miller and Cadell report. “‘My belief is that one plus one equals three. The pie gets larger, working together,’ Cook said.”
Read more in the full article here.
MacDailyNews Take: Yup.
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
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