Apple CEO warns Trump about China tariffs, Samsung competition

[webfact]

Apple CEO warns Trump about China tariffs, Samsung competition

 

FILE PHOTO: Tim Cook, CEO of Apple, attends the annual Allen and Co. Sun Valley media conference in Sun Valley, Idaho, U.S., July 12, 2019. REUTERS/Brendan McDermid/File Photo

 

(Reuters) - President Donald Trump said on Sunday that he had spoken with Apple Inc's Chief Executive Tim Cook about the impact of U.S. tariffs on Chinese imports as well as competition from South Korean company Samsung Electronics Co Ltd.

 

Trump said Cook "made a good case" that tariffs could hurt Apple, given that Samsung's products would not be subject to those same tariffs. Tariffs on an additional $300 billion (247 billion pounds) worth of Chinese goods, including consumer electronics, are scheduled to go into effect in two stages on Sept. 1 and Dec. 15.

 

By contrast, the United States and South Korea struck a trade agreement last September.

 

"I thought he made a very compelling argument, so I'm thinking about it," Trump said of Cook, speaking with reporters at a New Jersey airport.

 

U.S. stock futures rose upon opening on Sunday after Trump's comments. In addition to his comments on Apple, Trump said on Twitter earlier in the day that his administration was "doing very well with China."

 

Apple's MacBook laptops and iPhones would not face the additional tariffs until Dec. 15, but some of the company's other products, including its AirPods, Apple Watch and HomePod, would be subject to the levies on Sept. 1.

 

Apple was not immediately available for comment outside normal business hours.

 

(Reporting by Sarah N. Lynch in Washington and April Joyner in New York; Editing by Lisa Shumaker and Rosalba O'Brien)

 

-- © Copyright Reuters 2019-08-19

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[tomazbodner]

56 minutes ago, webfact said:

Trump said Cook "made a good case" that tariffs could hurt Apple, given that Samsung's products would not be subject to those same tariffs.

Twitter News from next week: Trump thought really hard on this one and decided to slam tariffs on all products from Korea.

[spidermike007]

It would be a bit like warning a crocodile that the water he is consuming has an infection that makes reptiles very sick. I doubt he will listen. This guy seems to be itching for a war. If he cannot start one with Iran, he will continue his multitude of trade wars. In a sense it is a good thing, in that it will continue to slow down the US economy, lead to recession, and insure that he is not re-elected. I do not think he planet can sustain four more years of this nitwit. 

[zydeco]

The dip in the market last week scared Trump. He's doing everything he can to pump them back up beginning with this tariff reversal.  Either China is a nemesis and should be disentangled from the US economy or not. Trump's idiotic playing with tariffs is insincere and reckless. He's going to cave because he is scared the stock markets and his long ETF S&P holding will crash. Things will end up worse than they were before he started any of this. An utter idiot. May need to the Democrats in there to finally get tough on China.

[Changoverandout]

Ah yes, that well known CEO Tim Apple 

[timendres]

Heaven forbid that Apple's profits should drop from Billions to hundreds of Millions.

[JHolmesJr]

The number of crimes committed in the name of delivering 'shareholder value' are staggering.

 

Apple should bring back production to USA or Foxconn should open a factory elsewhere.

[bristolboy]

22 minutes ago, JHolmesJr said:

The number of crimes committed in the name of delivering 'shareholder value' are staggering.

 

Apple should bring back production to USA or Foxconn should open a factory elsewhere.

Apple already tried to bring production back to the USA with a Macbook. That failed. Companies are moving lots of their production gradually out of China to places like Vietnam and Mexico.

As for Foxconn, remember how they promised they were going to have a huge presence in Wisconsin? How's that working out? 

[Paul Henry]

Potus is still claiming China is paying the tariffs. So accordingly the price of Apple products should not go up. So what is the convincing arguement.?

[metisdead]

A post containing racist slur comments has been removed as well as the replies:

 

11) You will not post slurs, degrading or overly negative comments directed towards Thailand, specific locations, Thai institutions such as the judicial or law enforcement system, Thai culture, Thai people or any other group on the basis of race, nationality, religion, gender or sexual orientation.
 

[Thaidream]

1 hour ago, zydeco said:

The dip in the market last week scared Trump. He's doing everything he can to pump them back up beginning with this tariff reversal.  Either China is a nemesis and should be disentangled from the US economy or not. Trump's idiotic playing with tariffs is insincere and reckless. He's going to cave because he is scared the stock markets and his long ETF S&P holding will crash. Things will end up worse than they were before he started any of this. An utter idiot. May need to the Democrats in there to finally get tough on China.

Completely agree- time to disentangle the US and Chinese economies. they can start by telling  Apple to move evereything back to America.  In addition, stop the Chinese by not allowing them to buy US debt and then financing the Chinese military buildup off the balance of trade deficit.  No Chinese students in US Univeresities and then working in the IT trade in which they steal proprietary information.

 

Tariffs are a lose-lose-  and  in the next election- Trump will be the loser .

[Russell17au]

5 minutes ago, Thaidream said:

Completely agree- time to disentangle the US and Chinese economies. they can start by telling  Apple to move evereything back to America.  In addition, stop the Chinese by not allowing them to buy US debt and then financing the Chinese military buildup off the balance of trade deficit.  No Chinese students in US Univeresities and then working in the IT trade in which they steal proprietary information.

 

Tariffs are a lose-lose-  and  in the next election- Trump will be the loser .

Also tell the American farmers to stop selling their produce to China but instead go and live in poverty on the White House lawn

[Tropposurfer]

Stop listening to the voices in your head Donald and listen to this guy.

[tonbridgebrit]

1 hour ago, zydeco said:

The dip in the market last week scared Trump. He's doing everything he can to pump them back up beginning with this tariff reversal.  Either China is a nemesis and should be disentangled from the US economy or not. Trump's idiotic playing with tariffs is insincere and reckless. He's going to cave because he is scared the stock markets and his long ETF S&P holding will crash. Things will end up worse than they were before he started any of this. An utter idiot. May need to the Democrats in there to finally get tough on China.

I think we should all accept, all politicians who bang the anti-China drum are a bunch of frauds, they're charlatans. And the media, some of them bang the anti-China drum. They're creating a false picture.

Unfortunately, some people believe that this false picture is actually true.

[tonbridgebrit]

19 minutes ago, Russell17au said:

Also tell the American farmers to stop selling their produce to China but instead go and live in poverty on the White House lawn

Yes, the White House has tricked a whole load of people into being against China. All this nonsense that we see in the media. And sadly, some of them people who believe in the fake image, they're voting for the anti-China policies, they want to see less trade between America and China.
Some of them are going to suffer from lower incomes caused by such absurd policies.

[Morch]

16 minutes ago, tonbridgebrit said:

I think we should all accept, all politicians who bang the anti-China drum are a bunch of frauds, they're charlatans. And the media, some of them bang the anti-China drum. They're creating a false picture.

Unfortunately, some people believe that this false picture is actually true.

 

Yes, because China is GOOD.

Surely, you could do better than that?

[Srikcir]

1 hour ago, timendres said:

Heaven forbid that Apple's profits should drop from Billions to hundreds of Millions.

On the flip side Apple's federal taxes will drop just as drastically.

A double hit on the American economy.

[Mavideol]

9 hours ago, webfact said:

"I thought he made a very compelling argument, so I'm thinking about it," Trump said of Cook,

easy... I am implementing 25% tariffs on all Korean imports, problem solved, next

[Mavideol]

8 hours ago, tomazbodner said:

Twitter News from next week: Trump thought really hard on this one and decided to slam tariffs on all products from Korea.

sorry man, posted exactly the same without checking all posts before, no bad intention ment

[Chomper Higgot]

Trump is now busy trying to talk down the risks of a recession.

 

Just as well trade wars are so easily won.

[tonbridgebrit]

28 minutes ago, Mavideol said:

easy... I am implementing 25% tariffs on all Korean imports, problem solved, next

Please be careful when putting up posts that are meant in sarcasm.
Washington might be crazy enough to actually slap 25% tariffs on Korean goods. They're crazy enough to make the treat to slap serious tariffs on the Chinese goods, they might take it one step further and do it to goods from South Korea.

[bristolboy]

5 minutes ago, tonbridgebrit said:

Please be careful when putting up posts that are meant in sarcasm.
Washington might be crazy enough to actually slap 25% tariffs on Korean goods. They're crazy enough to make the treat to slap serious tariffs on the Chinese goods, they might take it one step further and do it to goods from South Korea.

Double crazy if they're taking seriously the posts of us thaivisa.com members.

[Nowisee]

Trump has listened to logic and made a pragmatic decision.   Why all the hate? 

 

 

[Cryingdick]

The media got frenzied about a recession last December as well. Bill Mahrer must be getting horny over this. 

[tomazbodner]

59 minutes ago, Mavideol said:

sorry man, posted exactly the same without checking all posts before, no bad intention ment

Happy to see we are on the same wavelength over the inner workings of the sitting US president...

[tomazbodner]

45 minutes ago, tonbridgebrit said:

Please be careful when putting up posts that are meant in sarcasm.
Washington might be crazy enough to actually slap 25% tariffs on Korean goods. They're crazy enough to make the treat to slap serious tariffs on the Chinese goods, they might take it one step further and do it to goods from South Korea.

They actually already have. I think it started with Korea. Steel and washing machines, if I remember correctly. That was way before China...

[Chomper Higgot]

49 minutes ago, Cryingdick said:

The media got frenzied about a recession last December as well. Bill Mahrer must be getting horny over this. 

But this Year Trump is having to talk it down.

 

What changed?

[scorecard]

4 hours ago, zydeco said:

The dip in the market last week scared Trump. He's doing everything he can to pump them back up beginning with this tariff reversal.  Either China is a nemesis and should be disentangled from the US economy or not. Trump's idiotic playing with tariffs is insincere and reckless. He's going to cave because he is scared the stock markets and his long ETF S&P holding will crash. Things will end up worse than they were before he started any of this. An utter idiot. May need to the Democrats in there to finally get tough on China.

Yep he's an idiot and dangerous and he's got bolton at his side itching to pull the trigger. One step away he has met the Nth. K president three time and it's produced nothing and Nth Kis back to testing weapons close to Japan and Sth K. Trump initially full of bluster and go gogo has no idea what to do next, what a fool. 

[bristolboy]

1 hour ago, Nowisee said:

Trump has listened to logic and made a pragmatic decision.   Why all the hate? 

 

 

Less than 2 weeks after he made a foolish one.

[Traubert]

3 hours ago, Thaidream said:

Completely agree- time to disentangle the US and Chinese economies. they can start by telling  Apple to move evereything back to America.  In addition, stop the Chinese by not allowing them to buy US debt and then financing the Chinese military buildup off the balance of trade deficit.  No Chinese students in US Univeresities and then working in the IT trade in which they steal proprietary information.

 

Tariffs are a lose-lose-  and  in the next election- Trump will be the loser .

Actually the PLA is covered by the Chinese tobacco tax alone. Plus they downsized from 3m to 2m over the last few years. Apple products are assembled by a Taiwanese company called Foxconn. I think China is holding about $3tn in American bonds plus they're reasonably self sufficient in IT by now. and ahead in some fields.

 

You are spot on about tariffs though.