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Apple President and CEO Tim Cook met for dinner on Friday night. In an interview with reporters, Donald Trump said the two men had discussed the impact of tariffs on Apple's business.
Cook allegedly argued that it would be difficult for Apple to pay tariffs on its badembled products in China because many of its competitors do not have to pay the same level of rights, namely Samsung's manufacturing is mainly located in South Korea (via CNBC). .
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The Trump administration had planned to introduce 10% tariffs on many consumer goods on 1 September, which would include Apple's main revenue driver – the iPhone.
However, last week, the government exempted certain product categories from initial tariffs, including smartphones.
The introduction of import duties on products such as the iPhone is currently delayed until December 15. This is good news for Apple as it means that the launch of the iPhone 11 in September will not be affected by tariff charges. The title Apple climbed 5% to news last week.
September 1 tariffs will continue to affect many other Apple products, such as AirPod, HomePod and some Macs.
Dinner tonight with Apple's Tim Cook. They will spend huge sums of money in the United States. Great!
– Donald J. Trump (@realDonaldTrump) August 16, 2019
It seems that Trump was receptive to Tim Cook's argument at his dinner. Trump told reporters that "I thought he had presented a very compelling argument".
The Apple investor base will wait to see if the iPhone can continue to escape the tariff costs, and it is possible that the new date of December 1 is still extended.
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