As it prepares for its Worldwide Developer Conference on June 9, Apple is touting its global App Store business as a massive engine of economic activity, revealing that developers generated $1.3 trillion in billings and sales in 2024.

The company emphasized that 90% of that sum did not involve any commission paid to Apple, highlighting what it frames as a supportive ecosystem for developers.

According to a new Apple-funded study, billings and sales from digital goods and services reached $131 billion in 2024, with the momentum largely driven by mobile games, photo and video editing tools, and business-centric applications. But the most dramatic growth came from physical goods and services — like food delivery and online retail — which surpassed $1 trillion in sales, showing a strong appetite for app-driven commerce beyond Apple’s cut.

In-app advertising also played a significant role, generating $150 billion last year alone.

Apple says spending across digital goods, physical services, and advertising has more than doubled since 2019, with physical commerce leading the pack at a growth rate of more than 2.6 times. The company sees these figures as proof that the App Store fuels far more economic activity than its own bottom line, arguing that it offers a platform for innovation and discovery that benefits both users and developers.

Apple’s glowing self-assessment comes amid rising pressure at home and abroad. The data, compiled by Professor Andrey Fradkin of Boston University and Dr. Jessica Burley of the Apple-aligned Analysis Group, is part of the tech giant’s broader effort to reshape the narrative surrounding its tightly controlled app ecosystem — particularly as courts and regulators are increasingly siding with developers who want Apple’s grip loosened.

In the U.S., Apple was recently ordered by a federal judge to comply with earlier rulings in the Epic Games antitrust lawsuit. Among other mandates, the company must now allow app developers to link users to external websites for payment — bypassing Apple’s standard commission structure. The ruling marked a key win for Epic Games and other critics who argue Apple uses its control of iOS to block fair competition.

Meanwhile, in Europe, Apple is pushing back against sweeping changes required by the European Union’s Digital Markets Act (DMA). The DMA directs major platform operators like Apple to allow developers to inform customers about alternative payment options, challenging Apple’s long-standing prohibition against off-platform transactions.

The Cupertino-based company has attempted to frame the App Store as more than a toll booth, listing a wide range of investments including anti-fraud systems, analytics tools, developer support teams, and coding frameworks as evidence of the value it provides. It also claims the App Store now draws 813 million average weekly visitors globally — a testament to the reach developers can tap into.

However, many believe Apple’s portrayal glosses over how entrenched and mature the App Store has become. Developers today have more resources than ever to build and distribute apps independently, but Apple’s restrictions — including the inability to offer alternative stores or sideloading options — have kept them locked into its framework. That’s now changing, albeit slowly, under judicial and regulatory pressure.

Apple also highlighted growth trends in specific regions: App Store-facilitated billings and sales more than doubled in the U.S., China, and Europe over the past five years. In the U.S., mobile payment spending alone has increased sevenfold since 2019 — a shift Apple credits to the rise of contactless payments via iPhones and Apple Pay.

While Apple is seeking to showcase its ecosystem as a pillar of global innovation and commerce, the timing of the release — days ahead of WWDC and amid growing scrutiny — suggests the company knows it must persuade not just developers, but lawmakers and regulators, that it’s playing fair.

Whether these numbers will do that remains uncertain.

Elon Musk is intensifying his crusade against President Donald Trump’s marquee fiscal package — the so-called “Big Beautiful Bill” — using his platform and influence to rally opposition against what he calls a reckless march toward “debt slavery.”

The SpaceX and Tesla CEO has now spent several days on X, denouncing the legislation that independent projections say would add more than $2 trillion to the U.S. deficit over the next decade.

Doubling down on his campaign, Musk this week endorsed a hypothetical constitutional amendment that would bar members of Congress from seeking re-election if the federal budget deficit exceeds 3% of Gross Domestic Product. He quoted a 2012 tweet by Trump, which said “No member of Congress should be eligible for re-election if our country’s budget is not balanced—deficits not allowed!”

The billionaire’s vocal opposition marks one of the loudest conservative pushbacks yet against the Trump-backed bill, which passed the House last month with strong Republican support. Musk has dubbed the measure the “Debt Slavery Bill,” and has urged followers to pressure lawmakers into rejecting it, calling on Republicans to scrap the proposal entirely and start from scratch.

“Call your Senator, Call your Congressman, Bankrupting America is NOT ok! KILL the BILL,” he said.

Call your Senator,
Call your Congressman,

Bankrupting America is NOT ok!

KILL the BILL

— Elon Musk (@elonmusk) June 4, 2025

He punctuated his message by posting an image from the film Kill Bill, signaling his resolve to derail the legislation that he believes betrays fiscal responsibility. “This bill is a betrayal of the next generation,” Musk said in one post.

Despite Musk’s attacks, President Trump — known for aggressively swatting at critics, even within his own party — has not directed his ire at the tech magnate. His silence is notable given Musk’s sustained and highly public condemnation of a bill Trump has championed as key to fueling long-term economic growth.

In contrast, Trump swiftly lashed out at Senator Rand Paul, a longtime ally, after Paul criticized the bill’s cost. “He doesn’t understand the tremendous GROWTH this bill will generate,” Trump posted on Truth Social. “Very disappointed in Rand.”

Trump’s press secretary, Karoline Leavitt, attempted to downplay Musk’s influence, brushing aside the controversy.

“Look, the president already knows where Elon Musk stood on this bill,” she said.

There was no further effort from the campaign to address Musk’s proposed amendment or his ongoing posts urging a fiscal revolt.

Some Republicans have quietly speculated that Musk’s business interests may be fueling his anger, particularly as the bill includes provisions phasing out tax credits for electric vehicles — a move that affects Tesla. Reports say Musk had previously lobbied lawmakers to keep those credits intact. House Speaker Mike Johnson acknowledged that reality in earlier remarks, saying: “I know that has an effect on his business, and I lament that.”

Even so, Musk’s concerns have struck a chord among fiscal hawks. His messages have been shared widely by Republicans worried about ballooning deficits, but they have yet to trigger a break in party leadership’s support for the bill.

“The Big Beautiful Bill is a debt bomb ticking. It’s also the biggest missed opportunity conservatives have ever had to put our country back on a track of fiscal sanity. If we defeat this bill, a better one can be offered that won’t bankrupt our country,” said Rep Thomas Massie.

Musk, who recently parted ways with the Trump White House after a brief alignment on energy and space policy, has signaled he won’t back down.

“You can’t print prosperity,” he posted Wednesday. “This is a financial cliff disguised as a ‘beautiful’ bill.”

The U.S. trade deficit recorded its sharpest drop on record in April, falling by a staggering $76.7 billion to $61.6 billion, according to data released Thursday by the Commerce Department.

The dramatic plunge was driven by a steep decline in imports and a modest rise in exports, a shift that analysts attribute directly to the aggressive tariffs imposed by President Donald Trump earlier that month.

The April 2 declaration, which Trump referred to as “Liberation Day,” saw the U.S. government enact 10% across-the-board tariffs on all imports, alongside a menu of reciprocal tariffs designed to counter what Trump has consistently described as unfair trade practices by a broad list of countries. The move triggered an immediate front-loading of goods by U.S. companies, followed by a sharp pullback in April as businesses adjusted to the new costs and risks associated with foreign sourcing.

Imports dropped 16.3% to $351 billion, reflecting a significant deceleration in cross-border demand. At the same time, exports rose 3%, helping narrow the trade imbalance and pushing the monthly deficit well below economists’ expectations, which had pegged the figure at around $66.3 billion.

The announcement and subsequent drop in the trade deficit come as the White House attempts to realign global trade rules in America’s favor. However, while the narrower deficit may appear to signal a win for the Trump administration’s protectionist policy, it also exposes the fragile balance underpinning the U.S. economy.

“‘Deficit’ implies something bad, but in this case the story is more nuanced,” said Elizabeth Renter, senior economist at NerdWallet. “International trade has been good for the U.S. economy — importing more than we export has benefited Americans, by and large. So when the trade deficit shrinks, we should be cautious of interpreting this as fully positive news.”

Ongoing Inflation Concerns

Despite the decline in imports, concerns over inflation remain, especially as tariff negotiations with key partners — particularly China — continue to drag on. The introduction of sweeping duties has already raised the cost of many imported goods, and economists warn that if talks stall or additional tariffs are introduced, the upward pressure on prices could intensify.

While Trump has softened his tone by offering a 90-day negotiating period and temporarily scaling back reciprocal tariffs against China and other major partners, the uncertainty over future trade relations continues to hang over global markets. Many businesses are holding back on long-term commitments as they await the outcome of these talks, which Trump described as “very good” following a 90-minute phone call with Chinese President Xi Jinping on Thursday. He also said additional discussions are expected soon.

However, with China retaliating with its own tariffs, and no clear resolution in sight, importers may begin passing costs onto consumers, feeding into inflation that has already proven sticky despite Federal Reserve efforts to stabilize prices.

Trade Patterns

On a year-to-date basis, the U.S. trade deficit remains elevated — up 65.7% compared to the same period in 2024. The imbalance remains most pronounced with China ($19.7 billion), followed by the European Union ($17.9 billion) and Vietnam ($14.5 billion), reflecting ongoing friction with major trade partners.

Analysts also note that the April reversal may be temporary. Many companies accelerated purchases in advance of the tariff deadline, suggesting that April’s dip could simply reflect an artificial lull rather than a sustainable trend.

Moreover, the broader implications of Trump’s tariff strategy are still unfolding. While the tariffs are popular among some domestic manufacturing constituencies, many believe that they risk isolating the U.S. economically and triggering retaliatory actions that could limit access to key foreign markets.

However, the long-term economic impact — especially on inflation, supply chains, and consumer spending — remains uncertain.

Small businesses are particularly the hardest hit, as they struggle to navigate the intricate balance of swallowing the tariff cost or passing it on to their customers.

Beatrice Barba, who owns a small business that produces plastic-free items for babies and young kids, like sippy cups, told BI that the tariff whiplash is “almost worse” than having a consistently high tariff rate because it’s made it nearly impossible for her to predict the prices of her purchases.

“I don’t know what it’s going to be tomorrow, what it’s going to be today, what it’s even going to be later today,” Barba said. “No one can run a business that way.”

Against this backdrop, many are not excited about the narrowing trade deficit news, as it is seen as only one piece of a much larger puzzle that may weigh heavily on the economy.