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Apple's Tim Cook urges calm amid US, China trade war fears
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Top Stories |
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IANS | 24 Mar, 2018
Apple CEO Tim Cook on Saturday urged China and the US to stay calm amid
fears of a possible trade war between the world's top two economies over
import tariffs.
Tension between the two countries mounted after
US President Donald Trump announced tariffs on up to $60 billion worth
of Chinese goods annually to counter Beijing's allegedly unfair trade
practices in the technology sector.
"I'm aware that in both the
cases of US and China, there have been cases where everyone hasn't
benefited, where the benefit hasn't been balanced," Cook said on the
sidelines of the China Development Forum, which is being held from March
24 to 26 in Beijing.
"My belief is that one plus one equals
three," he was cited as saying by Xinhua news agency, adding that "the
pie gets larger if working together".
The US government had previously announced tariffs of 10 and 25 per cent on steel and aluminium imports respectively.
In
response to these tariffs, China had announced it was considering
tariffs of up to $3 billion on imports of some US goods to compensate
for losses caused by the US government's heavy tariffs on steel and
aluminium products from China.
China had also threatened to file a
complaint with the World Trade Organization, citing the new US tariff
package as possible interference in international trade practices.
Cook
called countries to embrace openness, trade and diversity, hoping that
"calm heads will prevail" in trade relations between China and the US.
More attention should be paid to inequality and the reasons behind it, which over time will "lift everyone up", he said.
The
back-to-back announcements of tariffs in Washington and Beijing had a
negative impact on stock markets worldwide, many of which closed in the
red on Friday, including Dow Jones at Wall Street, that fell 1.77 per
cent.
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Customs Exchange Rates |
Currency |
Import |
Export |
US Dollar
|
66.20
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64.50 |
UK Pound
|
87.50
|
84.65 |
Euro
|
78.25
|
75.65 |
Japanese
Yen |
58.85 |
56.85 |
As on 13 Aug, 2022 |
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