The news comes as China and the United States are embroiled in a trade war, with the Trump administration having imposed billions of dollars in tariffs on Chinese-made goods, and threatening more tariffs that would hit Apple products. Chinese President Xi Jinping and President Trump are scheduled to discuss the tariffs at a highly anticipated meeting Saturday during the Group of 20 summit in Japan. Trump has called out Apple specifically in the past, asking it to move more of its production from China to the United States.
“Like all of our products, the new Mac Pro is designed and engineered in California and includes components from several countries including the United States,” Apple said in a statement. “We’re proud to support manufacturing facilities in 30 U.S. states and last year we spent $60 billion with over 9,000 suppliers across the U.S. Our investment and innovation supports 2 million American jobs. Final assembly is only one part of the manufacturing process.”
— Bloomberg News
Consumer spending, prices rose slightly
U.S. consumer spending increased moderately in May and prices rose slightly, pointing to slowing economic growth and benign inflation pressures, which could give the Federal Reserve ammunition to cut interest rates next month.
The report from the Commerce Department on Friday came just a week after the Fed signaled it could ease monetary policy as early as July, citing low inflation as well as growing risks to the economy from an escalation in trade tensions between the United States and China. Inflation has undershot the U.S. central bank’s 2 percent target this year.
Consumer spending, which accounts for more than two-thirds of U.S. economic activity, rose 0.4 percent as households boosted purchases of motor vehicles and spent more at restaurants and on hotel accommodation. Data for April was revised up to show consumer spending advancing 0.6 percent instead of the previously reported 0.3 percent gain.
The Fed last week signaled rate cuts as early as July, citing low inflation, as well as growing risks to the economy from an escalation in trade tensions.
Also in Business
Google appears to have misused its dominant position in India and reduced the ability of device manufacturers to opt for alternate versions of its Android mobile operating system, Indian officials found before ordering a wider probe in an antitrust case. A 14-page order from the Competition Commission of India (CCI), reviewed by Reuters this week, found Google's restrictions on manufacturers seemed to amount to imposition of "unfair conditions."
Tesla said an isolated battery fault caused a Model S to catch fire in a Shanghai parking lot two months ago, as the U.S. electric-car maker tries to ease safety concerns in its second-largest market. A joint investigation with experts and executives from China and the U.S. found no "systematic defect" with the car, Tesla said in a statement Friday. An initial finding shows a malfunction with a single battery module at the front of the vehicle caused the incident, the company said.
James Murdoch, the younger son of media magnate Rupert Murdoch, who parted ways with the family business after it struck a $71 billion deal to sell a swath of assets to Walt Disney this year, has backed the seed round of a Norwegian drone technology company. UBIQ Aerospace, which refers to itself as a "deep tech start-up," announced that it has raised seed financing from Murdoch's Lupa Systems and Norwegian tech accelerator NTNU Accel. The business hopes to introduce new de-icing systems — called D-ICE — that will "transform" unmanned aircraft operations in cold climates.
— From news services