Recently, the story came to light that Tim Cook - Apple’s CEO struck a deal worth $275B with China in 2016. The deal was struck amidst a regulatory crackdown that affected the company’s business in China.
The five-year agreement was estimated to be worth more than $275 billion and was intended to placate Chinese government officials, who believed Apple wasn’t doing enough for the country’s economy.
Throughout 2016, Cook lobbied government officials over actions that would have threatened services like the App Store, Apple Pay, and iCloud, The Information reports. He made the deal during the first of several visits to China that year that was spurred by regulators’ actions which had tanked iPhone sales.
Apple’s promise included helping China develop advanced manufacturing technologies and support training Chinese talents, using more Chinese-sourced components, partnering with the country’s software firms, and investing directly in Chinese companies. On top of that, Apple also needed to invest in retail stores, R&D centres, and renewable energy projects.
Courtesy: Business Insider