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6/20, 4:28 PM (Source: TeleTrader)
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Tariffs would reduce contribution to US economy - Apple

United States tech giant Apple Inc. said that additional tariffs on products from China would reduce its contribution to the US economy in a letter sent to Trade Representative Robert Lighthizer that was released on Thursday.

In the letter dated June 17, the company also said that the tariffs would impact its global competitiveness as its Chinese competitors do not have a significant presence in the US market and would therefore not be affected by them. It added that its other major non-US competitors would not be affected either. The Cupertino-based company concluded the letter by stating all of its products that would be affected by the tariffs and by urging the US government not to proceed with them.

Apple's letter comes after US President Donald Trump recently threatened to impose tariffs on the remaining $325 billion of Chinese goods unless the two sides reach a trade agreement. China replied by stating that its "fundamental demands" must be met in the trade talks and that it would react if the US were to introduce more tariffs.

Breaking the News / DZ