“Apple Can Exist Only In US” – Tim Cook Claims Company Paid $50 Billion To US Based Suppliers Last Year


The presidency of Donald Trump is creating a lot of changes in the US system. A lot of his policies and appointees have been a source of criticism and contention. For the tech world, the issue of moving production back home has ruffled a lot feathers. It's cheaper to manufacture devices abroad due to an intricate supply chain network and low taxes, labor costs and more. Apple in particular came under direct fire by the president, with Mr. Trump making a vow to shift iPhone production to the US. Now, Apple CEO Tim Cook is clarifying that the company does create a lot of revenue for US companies, in the form of suppliers. Take a look below for more.

Apple Paid $50 Billion To Suppliers Last Year According To Tim Cook's Latest Statements

At Apple's latest shareholder meeting, a lot of issues were brought up. The most important of these relate to Mr. Cook's statements that Apple paid $50 Billion to its suppliers last year in the form of costs. The statements are intended to placate Mr. Trump, whose been hitting tech companies quite hard. And Apple hasn't backed down either. Cupertino's been a vocal critic of quite a lot of the President's policies. Makes us wish for simple times really.

Apple’s Upcoming Larger, Less Expensive iPhone 14 Model Will Be Called iPhone 14 Plus

"We're always looking for more ways to help our country. We know that Apple can only exist in the US,” Cook told shareholders.  The list of suppliers includes screen maker Corning and 3M. Apple also shared plans to overhaul a facility in Arizona. This will cater towards cloud storage, a growing market for a lot of tech firms here in the US.

Other issues brought up at the meeting involved resolutions. The first of them aimed at a proxy proposal allowing shareholders to nominate two directors to the company's board. It was defeated with only 31.9% of company shareholders voting in favor. The second proposal which was defeated required executives to retain their company stock until retirement. The resolution received a mere 24.2% of votes. An advisory note to approve executive pay passed with 95.2% of shareholders' support.
Times are good at Apple after all. Courtesy of strong iPhone 8 hype, the company stock is soaring at record prices. But of course, whether the company will maintain this or not depends on product launches. We're hearing about upcoming iPads and iPhone SEs in H1. Hopefully, Apple will deliver and the launches will provide realistic insight into what the company plans for the iPhone 8. Thoughts? Let us know what you think in the comments section below and stay tuned for the latest.