“Apple Inc. Chief Executive Officer Tim Cook said he criticized Donald Trump’s approach to trade with China in a recent White House meeting, while urging the president to address the legal status of immigrants known as Dreamers,” Alistair Barr reports for Bloomberg. “In an interview on Bloomberg Television, Cook said his message to Trump focused on the importance of trade and how cooperation between two countries can boost the economy more than nations acting alone.”
“In the interview on The David Rubenstein Show: Peer-to-Peer Conversations, Cook acknowledged that previous trade policies were flawed but said Trump’s move is also problematic,” Barr reports. “‘It’s true, undoubtedly true, that not everyone has been advantaged from that — in either country — and we’ve got to work on that,’ Cook said. ‘But I felt that tariffs were not the right approach there, and I showed him some more analytical kinds of things to demonstrate why.'”
“Although Apple produces most of its products in China and lists the U.S. and China among its three largest markets, the Cupertino, California-based technology company hasn’t been seriously affected by trade tensions so far,” Barr reports. “Closer to home, Cook said he asked the president to find a resolution for undocumented immigrants who were brought to the U.S. as children. Lawmakers have so far failed to negotiate a legislative replacement for the Obama-era Deferred Action for Childhood Arrivals program that spared Dreamers from deportation.”
“Apple has been more supportive of a Trump-backed law that slashed corporate taxes. It’s especially beneficial for Apple and other large U.S. technology companies that have hundreds of billions of dollars held overseas and are now bringing that money back. Cook said Apple will inject $350 billion into the U.S. over the next five years, through tax payments, hiring, a new campus and $30 billion in capital expenditure,” Barr reports. “‘We’re also going to buy some of our stock because we view our stock as a good value,’ Cook told Rubenstein in the interview. ‘It’s good for the economy as well because if people sell stock they pay taxes on their gains.'”
Read more in the full article here.
MacDailyNews Take: As per China tariffs, Cook is on record, but seems to agree with others like Elon Musk that trade imbalance with China is an issue that needs work.
China has been asked to develop a plan for the year of a One Billion Dollar reduction in their massive Trade Deficit with the United States. Our relationship with China has been a very good one, and we look forward to seeing what ideas they come back with. We must act soon!
— Donald J. Trump (@realDonaldTrump) March 7, 2018
For example, an American car going to China pays 25% import duty, but a Chinese car coming to the US only pays 2.5%, a tenfold difference
— Elon Musk (@elonmusk) March 8, 2018
As for “Dreamers,” a legislative solution is the purview of Congress and the politicians won’t be giving up an election wedge issue (meaning: resolving the issue legislatively) until after the midterm election at the earliest, as Cook likely knows full well.
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