Welcome to the 206th edition of Trade War.
Apple’s Tim Cook calls China supply chain and market critical to the future and proclaims “I love Shanghai!,” as he overseas opening of eighth store in financial capital. And top US business executives including Chubb’s Evan Greenberg likely to meet Xi Jinping following China Development Forum.
Beijing sees potential propaganda coup as Washington considers TikTok ban. Foreign Ministry accuses US of “hyping up China collapse.” And a former central bank advisor calls for policymakers to boost migrant worker incomes rather than spend more on infrastructure.
And in a surprising development, China has become a major issue in Montana’s close-fought senatorial race, with concerns over Chinese companies buying agricultural land dominating political ads.
Chinese historians struggle to finish official history of last imperial dynasty
China is building its military arsenal on scale not seen since World War II, says US admiral
And new data suggests Chinese exporters are using Mexico to avoid US sanctions
Apple’s Tim Cook touts China
On a visit to China, Apple CEO Tim Cook has touted the importance of the country, describing its supply chain and market as critical to his company’s future.
Cook’s comments in an interview with the Global Times, came just before the opening of Apple’s eighth store in Shanghai on Thursday, and as the Cupertino-based company struggles to remain competitive in China.
“Anchored by Foxconn, or Hon Hai Precision Industry Co., Apple’s manufacturing presence in China has been broad and unshakable for over two decades. But the company has suffered snags in production in recent years due to a U.S. and China trade war and Covid-triggered factory closures, delaying launches of products,” reports Bloomberg News.
Facing competition from Huawei Technologies Mate 60 Pro devices, sales of Apple-branded phones fell by 24 percent in the first six weeks of 2024.
“Apple’s apparent vote of confidence for China is no less important to Xi Jinping’s government. With the economy slowing, new foreign direct investment falling and multinationals looking to other markets for growth, it’s important to show the world China is still open for business in the wake of regulatory crackdowns and national security concerns that have spooked foreign investors,” reports the financial news service.
“I love Shanghai!”
“We've been looking out for this moment for quite a while,” said Apple CEO Tim Cook as he opened another Apple store in China on April 21. “This is our eighth store in Shanghai and I love Shanghai! I think it is one of the finest cities in the world.”
Top CEOs to meet Xi after forum
Top U.S. business executives are expected to meet Xi Jinping during a visit to Beijing for the annual China Development Forum (CDF), which opens Sunday.
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