[ad_1]
The President and Apple CEO Tim Cook puts on dinner on Friday night. In an interview with reporters, Donald Trump said the peer discusses the impact of tariffs on Apple's business.
Cook claims that it would be hard for Apple to pay tariffs on its Chinese-assembled products, because many of its competitors are of the same level of tariffs, namely Samsung whose manufacturing is mostly located in South Korea (via CNBC) .
Try Amazon Prime 30-Day Free Trial
The trump administration has planned to introduce 10% tariffs on many consumer goods on September 1st, which would include Apple's biggest-revenue driver – the iPhone.
However, last week, the government exempted some categories of the initial tax rate, including smartphones.
The introduction of import tariffs on the iPhone is currently delayed until December 15. This is good news for Apple as it means the iPhone 11 launch in September will be unimpeded by tariff charges. Apple stock soared 5% on the news last week.
The September 1st rates will still affect many of Apple's other products, like AirPods, the HomePod and some Macs.
Having dinner tonight with Tim Cook of Apple. They will be spending vast sums of money in the U.S. Great!
– Donald J. Trump (@realDonaldTrump) August 16, 2019
It seems like Trump was receptive to Tim Cook's argument in their dinner meeting. Trump told reporters that "I thought he made a very compelling argument".
Apple's investor can not wait to see if it's still going strong, and it's possible that the new December 1st date is further extended.
[ad_2]
Source link