Trump's Tariffs Boost U.S. Manufacturing
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widespread tariffsFortune
•Technology
Technology
Howard Lutnick says he hopes Trump’s tariffs will eliminate China’s ‘army of millions and millions of human beings screwing in little, little screws to make iPhones’ so they can be built in America by robots
75% Informative
Commerce Secretary Howard Lutnick said tariffs are necessary to encourage major companies to reshore production facilities to the U.S. The vast majority of Apple ’s manufacturing plants are located in Asia .
The tech giant has spent time diversifying its supply chain throughout the region to be less reliant on China .
Apple 's share price fell 20% since the announcement of the new tariffs.
Lutnick made clear the White House is standing firm on last week’s tariffs despite pushback from business leaders or the markets.
“They're taking our money, and Donald Trump has seen this, and he's going to stop it,” he said.
The White House believes the U.S. 's trade deficits are a problem for the economy.
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