Report: Tim Cook signed a USD 275 billion deal for Apple with China's officials

A report claims Apple CEO Tim Cook quietly signed a multi-billion dollar deal with Chinese officials to help develop China's economy and more.

Apple signed USD 275 billion deal with China back in 2016

What does Apple's deal with China mean?

File photo: iPhone 13 Pro with Spigen case

The said deal is worth USD 275 billion over 5 years. Why is it considered a secret signing? It was said to be signed back in 2016 when Tim Cook visited China to iron out a myriad of regulatory actions made by the Chinese government against the company. The deal is said to allow Apple to enable access to the Chinese markets in exchange for significant investments, business deals, and worker training in China.

Several Apple executives were reportedly concerned about the negative press in China and the company's strained relationship with Chinese officials, who believed Apple was not contributing enough to the local economy.

Apple agreed to utilize more Chinese-made components in its iPhones, negotiate collaborations with Chinese software businesses, work on technology with Chinese universities, and invest directly in Chinese tech companies as part of the deal.

Apple also agreed to spend more in China including new retail outlets, research and development centers, and renewable energy initiatives, in addition to its present spending.

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Source: The Information