Tim Cook: Tariffs are a ‘tax on the consumer’

Apple CEO Tim Cook during an Apple earning’s call this week called tariffs a “tax on the consumer” as President Trump’s multinational trade war continues to escalate. 

“Our view on tariffs is that they show up as a tax on the consumer,” Cook said in a quote obtained by CNBC from the call. 

Cook went on to say that tariffs should not be used to modernize trade relations and said they lead to “lower economic growth” and sometimes can bring about “significant risks of unintended consequences.”

{mosads}

The Apple CEO also said on the call that he is optimistic that tensions between the U.S. and China will settle down due to the “inescapable mutuality” of the two countries’ economies, according to Bloomberg.

Cook said that none of his company’s products had yet been directly affected by tariffs implemented by the Trump administration.

Cook’s remarks arrive as the Trump administration is reportedly weighing even higher tariffs on $200 billion on Chinese products in efforts to bring Beijing back to the negotiating table.

China has warned that any duties imposed on its products by the U.S. will be met by equal measures.