U.S. Executives, Including Tim Cook, Attend China Expo Amid Tariff Threat
- This week, several prominent American business executives, including Apple's Tim Cook, are attending China's second annual international supply chain conference.
- "Cook stated in a video interview with Chinese state media that he has been in China three times due to the company's strong commitment to the country, and he anticipates the relationship to improve further."
- During his journey, Trump declared on Tuesday in Asia time that he would impose a 10% increase in tariffs on all Chinese imports into the U.S.
This week, American business leaders are in China for talks with officials and attending a prominent supply chain expo, amid rising trade tensions resulting from the possibility of a second presidency of Donald Trump.
Apple CEO Tim Cook will attend the second annual 'China International Supply Chain Expo,' which began on Tuesday. This trip is his third visit to the country this year and his first time at the expo, highlighting the significance of the market to Apple's sales and supply chains.
"Cook stated in a video interview with Chinese state media on Monday that he has been in China three times due to the company's strong commitment to the country, and he anticipates the relationship to improve further."
The CEO met with Chinese Premier Li Qiang and other top executives from global companies before the expo, according to a social media post by the American Chamber of Commerce in China. CNBC has contacted Apple representatives for comment.
The meeting aimed to enhance economic and trade cooperation and was attended by representatives from Rio Tinto, a leading global miner; a Chinese computer manufacturer; and Corning, a prominent American multinational technology company.
The second China International Exhibition Center Group (CISCE) will focus on major supply chains, including advanced manufacturing, green and digital technology, and supply chain services.
Trump 2.0 looms large
The expo is scheduled two months before President-elect Donald Trump's inauguration, during which he promised to impose tariffs of between 60% and 100% on goods imported from China.
According to a post on his social media platform Truth Social, Trump announced on Tuesday Asia time that he would increase tariffs on all Chinese goods entering the U.S. by an additional 10%.
International companies, including Apple, face significant risks due to tariffs on goods manufactured in China. In response to diversification efforts, Apple has been moving some of its global supply chain away from China and towards countries like India.
The escalation of trade tensions with the U.S. may hinder Beijing's efforts to attract more foreign investment and negatively impact its GDP growth, which is already recovering slowly.
On Monday, at a symposium attended by top executives, China's premier issued a statement in favor of maintaining global industrial and supply chains and against decoupling.
China Economy
You might also like
- China's economy is experiencing a slowdown and is in need of additional stimulus to boost growth. Here's how the country plans to revitalize its economy.
- The electric car market in China is predicted to decline in 2025.
- China's central bank has halted its bond buying.
- Inflation in China decreases in December, fueling concerns about deflation.
- As Apple engages in negotiations to lift the sales ban in Indonesia, a different Chinese smartphone manufacturer is expanding its presence in the country.