Apple, Intel, and others head to Vietnam to discuss tariff concerns
With President Trump imposing strict tariffs on goods coming from US trade partners, Apple is joining other top tech companies in a trip to Vietnam to discuss what comes next.
Image Credit: US-ASEAN
For Trump's second term, the administration seems dead set on igniting yet another trade war with the Chinese government. While he seemed amenable to talks in January, he recently imposed an additional 10% tariff on goods coming from China on March 6, on top of the initial tariff that went into effect on February 4.
Now, more than 60 large US companies are headed to Vietnam for the annual United States and the Association of Southeast Asian Nations (US-ASEAN) mission, and tariff talks will likely be front and center. The list, seen by Reuters, includes technology companies like Apple, Intel, Boeing, Amazon, as well as energy companies like Excelerate Energy and GE Vernon.
The US-ASEAN Business Council was founded in 1984. It was created to bolster US investment trade and investment-related opportunities and ASEAN countries' access to US technology and training. The ASEAN is comprised of ten countries in total: Brunei Darussalam, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand, and Vietnam.
The organization also conducts research and analysis of economic, environmental, financial, political, and social, conditions in ASEAN countries. It is comprised of more than 175 member companies, which generate $7 trillion in revenue and employ more than 13 million people.
Apple has been working to persuade the President to rethink his tariff policy -- or at least cut Apple a deal -- as the strategy has been successful in the past. However, if Apple is unable to secure relief this time around, iPhone prices could rise nearly 10 percent.
While Apple doesn't have a foolproof plan to solve the problem, when Trump imposed tariffs the first time around, Apple increased its presence in India. This time around, India has already preemptively reduced its import taxes on chargers, printed circuit board assembly (PCBA) and smartphones, from 20% to 15%.
China, for its part, isn't thrilled to see Apple diversify. In January, it was reported that China was cracking down on the export of critical materials and high-tech equipment.
However, it also restricted the movement of people, specifically Chinese technicians, into India. The stall was put in place to prevent knowledge and skills from exiting the country and teaching workers in another.
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2) A Product of Canada (98% of the product is made in Canada)
It also gives you details on the company that produces it. A lot of people I know use that to buy Canadian or non-American products. For example, I used to buy Heinz Ketchup, now I buy French's Ketchup.
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