Tim Cook sits with Bloomberg, talks about Apple, tariffs and Donald Trump (VIDEO)
Apple CEO Tim Cook sat down for an interview with Bloomberg, some of which can be seen in the video at the top of the story. During his chat, Cook mentioned that Apple Music now has 50 million subscribers, both paid and trial. The streaming music service, which offers a three month free trial to new members, had 48 million users last month with 40 million paying for it. Still within Apple's crosshairs is the largest music streamer, Spotify, which has 75 million paying members. The executive also said that Apple will be more involved in streaming television shows and movies. He noted that Apple has an interest in content, but will offer it "in a way that is consistent with our brand."
During the sit-down, Cook also discussed the meeting he had with President Trump at the White House last month. The pair discussed the trade war between the U.S. and China, which has led to 25% tariffs on as much as $50 billion of Chinese imports. During the interview, Apple's chief executive said that he told Trump that tariffs "were not the right approach there, and I showed him some more analytical kinds of things to demonstrate why." Even though Apple has its products like the iPhone and iPad built in China by contract manufactures, the company has not been harmed in any serious way by what has transpired thus far.
Apple generated sales of $18 billion in China last quarter, which was almost half the total it rung up in the Americas from January through March. China remains one of Apple's most important markets; the country hosts 41 Apple Stores, which tops all countries outside the U.S.
Also discussed during the interview was the tax package signed by the president, which brought a huge financial windfall to Apple. The large amount of cash that poured into the company, has allowed Cook to promise that Apple will spend $350 billion in the U.S. over the next five years. He also added that Apple will continue to buy back its own shares.