President Donald Trump has ordered US companies to ‘come back home’ in a series of tweets. He said that American companies should begin looking for manufacturing alternatives, and directed couriers such as FedEx to check Fentanyl consignments from China.
Despite the government’s stance, Trump’s business are based on materials being manufactured in China. What’s more, the president wouldn’t have any authority to order companies in the US to stop manufacturing in China.
Apple CEO Tim Cook has met with Trump on August 16 regarding the subject of tariffs, which resulted in a favorable outcome. Cook stated that Samsung, Apple’s closest competitor won’t be paying tariffs which could give them the advantage. The 25% tariff promised in May wasn’t applied, but ones on Apple Watch, HomePod and AirPods will begin September 1.
After the series of tweets, the NASDAQ composite dropped 2%, while the Dow Jones average dropped 1.7%. Apple stock fell 4% as well.
