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Home Market Research Business

Apple CEO Cook urged by Senator Warren to disclose Trump tariff talks

by TheAdviserMagazine
6 months ago
in Business
Reading Time: 2 mins read
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Apple CEO Cook urged by Senator Warren to disclose Trump tariff talks
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Senator Elizabeth Warren on Wednesday questioned Apple Inc. Chief Executive Officer Tim Cook on his discussions with the Trump administration ahead of the president’s retreat on tariffs covering crucial Apple products built in China. 

“The circumstances surrounding Apple’s exemptions raise fresh concerns about influence-peddling by huge well-connected corporations, and their ability to gain special favors from President Trump,” Warren wrote in a letter to Cook which was obtained by Bloomberg News. 

In early April, President Donald Trump announced a series of tariffs on items imported from China that could reach as high as 145%. That would have either dramatically cut into Apple’s profit margins on iPhones, which are primarily built in China, or significantly raised prices. But a couple of weeks later, the administration announced carve outs on several types of electronics that benefited the iPhone maker. 

Warren, a progressive Democrat who has been a vociferous critic of Trump, cited news reports that the Apple CEO worked behind the scenes to influence the Trump administration to cut back on the tariffs. 

Apple didn’t immediately respond to a request for comment.

For years, Cook has been praised by industry watchers and investors for his ability to navigate the Trump Administration and protect his company’s interests, including those related to tariffs. Trump’s pledge to bring jobs back to America and re-locate manufacturing to the US has been particularly challenging for Apple, which has been tied to China for years and produces the vast majority of its devices there.

“At best, your work to eliminate the tariffs on Apple products, and President Trump’s subsequent decision to exempt certain Apple products, creates the appearance of impropriety,” Warren wrote. “However, recent reporting also raises serious questions about the extent to which it is possible for massive corporate special interests to use their money and influence to secure tariff exemptions that are unavailable to Main Street small businesses.”

In the letter, Warren asks Cook what the nature of his discussions were with Trump officials related to tariffs, when the discussions happened and when Apple found out about the exemptions. She also mentions Cook’s appearance at Trump’s inauguration in January and a $1 million donation Cook made to the inaugural committee, two moves that were mirrored by several other technology CEOs.

The Massachusetts senator suggested the treatment repeated a pattern set during Trump’s first-term tariff campaigns.

“During his first term, Donald Trump’s tariff policy became a feeding frenzy for big corporations to secure lucrative exemptions and special treatment,” Warren wrote. She cited prior tariff exclusions for the iPhone, Apple Watch and Mac components.

While Apple no longer needs to brace for 145% tariffs and avoided an immediate crisis in its supply chain, the Trump Administration has warned that it will impose new tariffs on electronics soon, likely covering Apple products.

This story was originally featured on Fortune.com



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