"Not going to be just Apple" Feeling the effect of China's trade war – Talking Points Memo
White House Financial Advisor Kevin Hassett said on Thursday that "it will not be just Apple" facing revenue failure due to the trade tensions imposed by President Donald Trump between the US and China.
"It's not just going to be Apple," said Hassett, chairman of the Council of Economic Advisers. "I think there are a number of many US companies that have a lot of sales in China that will basically look at their earnings, be downgraded next year until we get an agreement with China. And I think that puts a lot of pressure on China to make an appointment. "
On Wednesday, Apple lowered its sales expectations for the last quarter. CEO Tim Cook explained: "While we were expecting some challenges in key emerging markets, we did not foresee the size of economic deceleration, especially in Great China."
On Thursday, Hassett noted that he was "globalist" before joining the Trump administration: "If we have a successful negotiation with China, Apple's sales and everyone else's sales will recover. But right now, China really feels it is kind, and I think it is a suitable place for us to have taken the relationship given the amount of things they stole from us. "
Council of Economic Advisers Chairman Kevin Hassett:" It's not going to be just Apple. " pic.twitter.com/Ze31UX18EG
– TPM Livewire (@TPMLiveWire) January 3, 2019
H / t Bloomberg News.
