Apple CEO, Tim Cook, denies the assertion that tariffs have caused the rise in price for the anticipated iPhone 17 Pro model.
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In a series of events that have reshaped the business landscape, President Donald Trump's administration has taken a firm stance on trade policies, affecting some of the world's leading tech companies.
Hyundai, a South Korean automaker, found itself in the spotlight when federal immigration agents raided its under-construction battery plant in Georgia. This move came despite Hyundai's $26 billion pledge in U.S. investments. Other companies, including OpenAI, Eli Lilly, General Motors, and more, have also made similar promises, totalling billions in U.S. investments.
Apple, one of the world's most valuable companies, has also felt the brunt of Trump's trade policies. Apple CEO Tim Cook was invited to a meeting/dinner with Trump during his presidency, while Apple founder Steve Jobs was never reported to be invited. The tech giant has incurred approximately $800 million of tariff-related costs for the June quarter, according to Tim Cook, and the starting price for Apple's most advanced iPhone has increased by $100.
In an attempt to navigate tariff threats against China and India, Apple executives have met with Trump. However, the potential tariff-related costs for Apple in the September quarter could reach $1.1 billion, according to Cook. The CEO has clarified that the price hike for the iPhone Pro has nothing to do with tariffs.
Trump's approach with companies has been direct. Last month, the U.S. government bought a stake in struggling chipmaker Intel after Trump called for its CEO to resign. Similarly, in May, Trump blasted Walmart on Truth Social, telling the company to "EAT THE TARIFFS."
The trade policies have put CEOs in a challenging position. Top CEOs, including Tim Cook, have tried to stay on Trump's good side for favorable policies. However, it's unclear how much further they'll cave without putting up a fight.
Recently, major gaming companies have also raised prices on their consoles, adding to the consumer price increase caused by tariffs. This week, Trump made a remark about TV networks losing their licenses after ABC yanked Jimmy Kimmel Live from the air following pressure from FCC Chairman Brendan Carr.
With the starting price for Apple's entry-level Pro model now above $999, for the first time since the iPhone X, it remains to be seen how consumers will respond to these price increases and the ongoing impact of Trump's trade policies on the tech industry.
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