Anamika Dey, editorÂ
Brief news
- American business leaders, including Apple CEO Tim Cook, are in China for the China International Supply Chain Expo amid escalating trade threats from a potential second Trump presidency.
- Cook emphasized Apple’s commitment to China during a meeting with Premier Li Qiang, highlighting the importance of the Chinese market for supply chains and sales.
- The expo focuses on critical supply chains and comes as Trump plans to increase tariffs on Chinese products, posing risks to international corporations reliant on China for manufacturing.
Detailed news
This week, American business leaders are in China for meetings with officials and a high-profile supply chain expo, as trade threats from a second Donald Trump presidency escalate.
Among them is Apple CEO Tim Cook, who will be present at the second annual “China International Supply Chain Expo,” which commenced on Tuesday. This is his third visit to the country this year, and it is his inaugural time attending the expo. This underscores the significance of the market to Apple’s supply chains and sales.
In a video interview with Chinese state media on Monday, Cook stated, “We are deeply committed to China, which is why I have visited the country three times.” He also expressed his expectation that the relationship will continue to improve.
According to a social media post by the American Chamber of Commerce in China, the CEO convened a meeting with Chinese Premier Li Qiang and other senior executives from global corporations prior to the expo. Apple representatives have been contacted by CNBC for comment.
Representatives from American multinational technology company Corning, Rio Tinto, the world’s second-largest miner, and Chinese computer manufacturer Lenovo were reportedly present at the meeting, which was intended to enhance economic and trade collaboration.
The second CISCE exhibition, which is being organized by the China International Exhibition Center Group, will concentrate on critical supply chains, including advanced manufacturing, green and digital technology, and supply chain services.
The potential for Trump 2.0 is substantial.
The expo is scheduled to take place two months prior to the inauguration of President-elect Donald Trump, who made a commitment during the campaign to raise tariffs on products from China by 60% to 100%.
According to a post on his social media platform Truth Social, Trump announced on Tuesday at Asia time that he would increase tariffs by an additional 10% on all Chinese products entering the United States.
International corporations, including Apple, which depend on China as a significant manufacturing hub, are at significant risk as a result of these tariffs. As part of its diversification initiatives, the organization has been relocating a greater portion of its global supply chain from China to countries such as India in recent years.
The economy’s GDP growth could be slowed and Beijing’s efforts to entice more foreign direct investment could be complicated by the heightened trade tensions with the States.
China’s premier issued a statement on Monday, during a meeting attended by top executives, in which he expressed his opposition to decoupling and his support for the preservation and reinforcement of global industrial and supply chains.
Source : CNBC news
