Apple CEO Tim Cook Signed Discrete $275 Billion Deal With China in 2016

Apple CEO Tim Cook allegedly signed a discrete $275 billion agreement with China back in 2016, in an an effort to appease the country’s authorities that were threatening to halt the distribution of Apple devices and services.

According to a comprehensive report published by The Information on Tuesday, which cited people familiar with the matter as well as internal Apple documents, Cook secretly entered into a five-year agreement with China via in-person visits throughout 2016. The objective of the deal was to appease the Chinese government, which threatened Apple with bad publicity and accused the US-based tech company of not doing enough for the country’s economy.

Internal Apple documents reveal that the company’s CEO “personally lobbied officials” to create a “memorandum of understanding” with the National Development and Reform Commission, in exchange for regulatory immunity. The agreement was allegedly devised by Apple’s Chinese government affairs team, was personally served by Cook to Chinese officials, and amounted to more than $275 billion in spending.

The agreement comprised of a pledge to aid Chinese authorities in advancing their manufacturing capabilities, support domestic talent training, collaborate on research at Chinese universities, sign deals with local suppliers, and make direct investments in Chinese-based tech companies. In addition to that, Apple also agreed to spend billions of more dollars beyond its initial agreement, including setting up new retail locations, exploring renewable energy projects, and creating research and development facilities.

Information for this briefing was found via The Information. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.

Video Articles

Mergers Set the Stage for Uranium’s Growth Cycle | Forum-Baselode Merger

The Goal is Gold Production as Soon as Possible! | Gordon Robb – ESGOLD Corp.

Snowline Gold: The Multi Billion Dollar Valley PEA

Recommended

First Majestic Produces 7.9 Silver Equivalent Ounces In Q2, Lifts Production Guidance

Antimony Resources Drills 4.17% Antimony Over 7.4 Metres At Bald Hill

Related News

China: Europe Must Adhere to Climate Change Goals Despite Geopolitical Uncertainty

Yes, you read that right: China, the epitome of dirty energy consumption, is urging Europe—...

Thursday, September 22, 2022, 02:34:39 PM

China Probes Apple Contractor Foxconn As Firm Founder Runs For President In Taiwan

Chinese state media reported on Sunday that an investigation has been launched into Apple iPhone...

Tuesday, October 24, 2023, 12:56:00 PM

Tesla Recalls Almost 50,000 of its Electric Vehicles Sold in China Over Suspension Defects

Despite Tesla’s astronomical $400 billion market cap, the flamboyant electric vehicle company is being hammered...

Friday, October 23, 2020, 04:01:00 PM

China Sets Economic Growth Target To ‘Around 5%’, Boosts Military Budget By 7.2%

China has set a bold economic growth target of approximately 5% for 2024, aiming to...

Tuesday, March 5, 2024, 08:02:00 AM

The Lithium Rush: Prices Soar As Electric Vehicle Demand Rises

Electric vehicle demand is pushing up the prices for lithium, the key battery ingredient. According...

Friday, September 23, 2022, 03:09:00 PM