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Good evening, I’m still reporting on:
Apple To Start Moving IPhone Production To USA
Apple Computer’s CEO, Tim Cook has asked two of its largest Chinese IPhone assemblers to start preparing plans to move production to the U.S.
According to Nikkei Asian Review as quoted by Breitbart:
“Apple asked both Foxconn and Pegatron Corp., the two iPhone assemblers, … to look into making iPhones in the U.S."
“Foxconn complied, while Pegatron declined to formulate such a plan due to cost concerns.”
Silicon Valley had bet heavily on Democrats this year with over 99% of contributions in presidential primaries going to Democrats Hillary Clinton or Bernie Sanders.
After Trump was elected, Silicon Valley tech stocks crashed 9%, while the DOW Jones Industrial Average has streaked to new highs.
Sources close to Trump have implied that Silicon Valley tech firms may suffer from much more than a blinding 45% tariff thrown on their offshore supply chains. Trump may become convinced that they represent a modern-day group of unscrupulous monopolists that may have to be broken up in accordance with the 1914 Sherman Anti-Trust Act.
Enforcing the Sherman Anti-Trust Act would send shock waves through big Pharma as well – according to a recent recommendation of the number-crunching Karl Denninger. In fact, Trump is said to be meeting this evening with a major player in the drug industry, perhaps to get his take on how to bring a more competitive environment into the spiraling costs of drugs to U.S. consumers without destroying the long pipeline costs of new drug research & development.
For Apple, returning jobs to the U.S. won’t be a deal killer. For example, Foxconn Chairman Terry Gou reportedly told Apple that making iPhones in the US means assembly costs would double. However, the current assembly costs are just $12.50 out of a phone that has a retail price of $650, where the current profit margin is about $400 per unit. No wonder Apple is the world’s richest corporation.
However, such a move would unemploy 690,000 Chinese workers – about the size of the total population of Washington, D.C., or Detroit.
So, let’s compare and contrast President-Elect Trump’s first full week of the transition, compared to President Obama’s first 8 weeks after inauguration.
Obama spoke to the first foreign leader 8 weeks after becoming President.
Trump has spoken to 26 foreign leaders in the first 8 days.
Trump made peace with Russia.
Ford Motor Corp. has shifted its ideas about moving further production out of the US.
And the world’s largest corporation is suddenly contemplating moving its production back to the US, which would provide hundreds of thousands of jobs.
I’m still reporting from Washington. Good evening.