Peter Navarro Slams Apple CEO Tim Cook Over Slow Production Shift Out Of China Despite Buying Time Since Trump's First Term: 'Longest-Running Soap Opera In Silicon Valley'
Peter Navarro, the White House trade advisor, has expressed his dissatisfaction with Apple Inc. (NASDAQ:AAPL) CEO, Tim Cook, for not relocating the company’s manufacturing facilities out of China.
What Happened: Navarro, in an interview with CNBC’s “Squawk on the Street” on Monday, expressed his disappointment with Cook’s reluctance to move Apple’s production out of China. He told host Jim Cramer, “Going back to the first Trump term, Tim Cook has continually asked for more time in order to move his factories out of China.” He also referred to this as the “longest-running soap opera in Silicon Valley.”
Navarro, who has been an outspoken critic of China’s trade practices, also expressed his disbelief that Cook could not manufacture iPhones in other parts of the world, especially given the advancements in manufacturing techniques and AI. He stressed that Cook’s slow progress in moving production out of China was ‘inconceivable.’
Why It Matters: This criticism comes in the backdrop of Apple’s recent expansion in India. Despite President Trump’s warning, Apple proceeded with a $1.5 billion expansion in India through its top manufacturing partner, Foxconn, to boost iPhone production. However, Trump had threatened Cook with a 25% tariff if iPhones sold in the U.S. were not manufactured domestically.
Apple responded by rerouting 97% of Foxconn iPhone exports from India to the U.S. between March and May to safeguard its U.S. sales from the impact of escalating tariffs on China-made goods. However, a tech analyst had previously stated that U.S. iPhone production is “not feasible” and could boost iPhone prices upto $3,500.
This ongoing tug-of-war between the Trump administration and Apple over production locations continues to create ripples in the tech industry.
On a year-to-date basis, Apple stock slumped 13.88%, as per Benzinga Pro.
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Posted-In: Apple China Apple iPhone benzinga neuro Consumer Tech Donald Trump Peter Navarro Tim CookNews
