APPLE’S COOK REPORTEDLY INKED SECRET $275B DEAL WITH CHINA

Wed 08 December 2021:

Despite the fact that the US and China have been at odds for a long time over many problems, a report has made headlines suggesting that Apple Inc Chief Executive Tim Cook has signed a $275 billion deal with Chinese officials.

According to a report published by The Information on Tuesday, the five-year contract appears to have been arranged to placate threats that may have targeted its devices and services in the country.

According to the story, the agreement was reached in 2016 when Apple’s CEO visited China to avoid regulatory action against the company, using internal Apple documents and interviews.

To sway Chinese officials who believed Apple was not doing enough to help the local economy, the CEO was obliged to lobby and sign an agreement with a Chinese government agency. According to the study, China received concessions as a result of this, as well as crucial legal exemptions.

According to the article, the company’s investment would be used to build new research and development centers, retail locations, and renewable energy initiatives.

Not only that, but the corporation reportedly agreed to use more components from Chinese suppliers in its products, collaborate on technology with Chinese universities, sign deals with Chinese software firms, and invest in Chinese tech startups, according to the article.

Apple’s business in China appears to have recovered significantly since the regulatory crackdown in 2016, setting a quarterly revenue record of $68 billion there last summer while continuing to open new storefronts and research centers. China now makes up for about one-fifth of Apple’s total sales, according to the report.

SOURCE: INDEPENDENT PRESS AND NEWS AGENCIES

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