Stay up to date with notifications from The Independent

Notifications can be managed in browser preferences.

Apple boss Tim Cook calls for 'calm heads' amid fears of US and China trade war

‘Countries that embrace openness, that embrace trade, that embrace diversity are the countries that do exceptionally’

Chiara Giordano
Monday 26 March 2018 11:51 BST
Comments
Donald Trump unveils $60bn in tariffs on China for intellectual property theft

Your support helps us to tell the story

From reproductive rights to climate change to Big Tech, The Independent is on the ground when the story is developing. Whether it's investigating the financials of Elon Musk's pro-Trump PAC or producing our latest documentary, 'The A Word', which shines a light on the American women fighting for reproductive rights, we know how important it is to parse out the facts from the messaging.

At such a critical moment in US history, we need reporters on the ground. Your donation allows us to keep sending journalists to speak to both sides of the story.

The Independent is trusted by Americans across the entire political spectrum. And unlike many other quality news outlets, we choose not to lock Americans out of our reporting and analysis with paywalls. We believe quality journalism should be available to everyone, paid for by those who can afford it.

Your support makes all the difference.

Apple boss Tim Cook has called for “calm heads” amid growing fears China and the US could be on the brink of a trade war.

His comments came after US President Donald Trump announced plans to impose tariffs on up to $60bn (£42.5bn) of Chinese goods on Thursday, accusing them of intellectual property theft.

China later announced a $3bn list of US goods, including pork, apples and stainless steel pipes, which could be hit by higher tariffs in retaliation to Washington’s accusation that Beijing improperly acquired foreign technology.

Speaking at the China Development Business Forum in Beijing on Saturday, Mr Cook urged businesses to keep their lines of communication open, reports CNN.

“What I’ve seen over my lifetime is that countries that embrace openness, that embrace trade, that embrace diversity, are the countries that do exceptionally – and the countries that don’t, don’t,” said Mr Cook, whose company could be affected by a trade war between the two countries.

“My belief is that businesses should engage with governments in the countries that they’re doing business, whether they agree or disagree.

“You can be assured that this is a topic that I’m very passionate about and that I have weighed in on, and will continue to.”

Laurence Fink, chief executive of BlackRock, also urged the sparring countries to avoid a “public fight”, and spoke out to defend globalisation.

“I’ve been in this business now 42 years,” he said, according to CNN.

“I’ve seen the wonders of how humanity has grown through globalisation; globalisation is one of the greatest human achievements.”

The annual forum, which brings together corporate leaders with Chinese economic officials, is usually used to showcase Beijing’s plans.

US President Donald Trump with Chinese President Xi Jinping
US President Donald Trump with Chinese President Xi Jinping (Getty)

But this year’s forum has been overshadowed by the growing dispute between the US and China.

Trump accuses China of flooding global markets with unfairly low-priced steel and other goods and stealing or pressuring foreign companies to hand over technology.

Investors fear a trade war could damage the global economy and slash profits at big US exporters such as Apple and Boeing.

Roughly $1 of every $5 in Apple’s sales came from China, Hong Kong and Taiwan in its last year.

Much of the manufacturing and assembly of Apple products is also done in Chinese factories, which could be affected if trade restrictions start piling up.

Additional reporting by Associated Press (AP)

Join our commenting forum

Join thought-provoking conversations, follow other Independent readers and see their replies

Comments

Thank you for registering

Please refresh the page or navigate to another page on the site to be automatically logged inPlease refresh your browser to be logged in