Looks like the sheer revenue hit that Apple has borne since Trump’s first China trade war bugle, is starting to show on a rather public stage. The cupertino giant has now come out against freshly proposed tariffs against Chinese goods. Apple has pointed out that such tariffs will drastically impact the company’s potential contribution to the U.S economy.
Apple is currently the largest US corporate tax payer, and has plans to contribute well over $350 billion to the US treasury over the course of next 5 years.
The Trump administration is mulling a fresh round of tariffs on Chinese goods, including iPhones, Macs, and single-serve coffee brewers. Apple has mentioned, that such tariffs would actually work against home-grown US companies since Chinese and other non-U.S. firms do not have a significant U.S. market presence.
“A U.S. tariff would, therefore, tilt the playing field in favor of our global competitors,” Apple said.
Apple Inc has reportedly discussed the matter in comments on a government website. As per reports coming in from Reuters, the company stated that the U.S. government should not move ahead with a proposal to impose tariffs of up to 25% on another $300 billion worth of goods from China.
On May 10, the United States hiked tariffs on Chinese goods worth $200 billion from 10% to 25%, thus resulting in the start of one of history’s most dreadful trade wars. These tariffs have resulted in mutual destruction, with both countries loosing significant revenues.
Tensions are seeming to loosen up post trade war as leaders from both countries are expected to meet at the G20 in Japan next week this year.
Firoz joins The Tech Portal to report on all stuff that relates to developers and their community. He is actively involved in multiple startups, helping them build and develop modern web products.