President Donald Trump recently met Apple CEO Tim Cook for dinner, according to a tweet from the president. It’s very likely tariffs were the central of their conversation.
During an Apple’s earnings call, Cook said Apple was “evaluating” the latest round of U.S. tariffs and would share its findings with the Trump Administration.
Cook warned his investors about the effects of tariffs, saying they often bring about “significant risk” of unintended consequences.
In an SEC filing, Apple explained tariffs would increase the cost of its products, the components that go into making them, and required raw materials. This would make new Apple products more expensive to consumers.
The New York Times says the White House had promised Cook the iPhone would go unaffected by any tariffs. The Trump Administration, however, later denied such an exemption.