Trump to Apple: 'Make your product in the United States'

07 January, 2019, 06:14 | Author: Kevin Carter
  • Image Source Saim_Ray010 Reddit

Thursday's plunge also pushed Apple market valuation to less than $700 billion and down to fourth place among most valuable publicly traded U.S. companies, just two months after it took the top spot.

"While we anticipated some challenges in key emerging markets, we did not foresee the magnitude of the economic deceleration, particularly in Greater China", Apple CEO Tim Cook said in a letter to investors.

Beijing on January 4 cut bank reserve requirements for a fifth time this year amid slowing growth at home and the punishing U.S. tariffs on exports.

A weak December report could reinforce jitters that the United States economy is slowing.

Apple dropped 8 per cent in extended trading late in the day after the iPhone maker slashed its outlook for the December quarter, blaming weak demand in China. If we don't, they're paying us tens of billions of dollars' worth of tariffs.

"The much larger issue is the slowing of the (Chinese) economy, and then the trade tension that has further pressured it", Cook said.

Mr Trump downplayed the effects of the economic woes on USA technology giant Apple Inc, which this week blamed slowing iPhone sales in China behind a rare reduction in its quarterly sales forecast.

Wall Street analysts, who had been peppering Apple's stock with downgrades in recent months, have been concerned the company would suffer declines in iPhone unit sales over the next couple of years. I mean look, they've gone up a lot. As of 15:30 GMT, Netflix had gained 5.9 percent in value while Intel was not far behind in gains after rising 4.8 percent.

However, Cramer, whose charitable trust owns shares of Apple, says he likes the stock over the long term. While usually Apple would be celebrating another successful holiday season, things didn't quite go to plan this time around.

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Although non-phone categories, including the Mac, Apple Watch and iPad, grew 19 per cent worldwide, Cook noted that more than 100 per cent of the company's fourth quarter year-over-year revenue decline occurred due a drop in Chinese sales of iPhones and other Apple product.

Apple products sold in China vs. competitors' products.

US stocks suffered another day of volatile declines, with the Dow Jones Industrial Average falling 660 points, or almost 3%, as Apple's warning that revenue in the busy holiday quarter would be weaker than expected amplified concerns about a global economic slowdown. I told Tim Cook, a friend of mine, make your product in the US. "And that'll take place". Last month, President Trump and Chinese leader Xi Jinping agreed to 90-day cease-fire as a step toward defusing tensions, but that failed to calm the stock market.

The dispute has rattled companies and financial markets that worry it will drag on global economic growth that is showing signs of declining. The talks begin on December 31.

A team led by Deputy US Trade Representative Jeffrey Gerrish will come to China to have "positive and constructive discussions" with Chinese counterparts, China's commerce ministry said in a statement on its website.

"Given the market sensitivities, both sides will likely want to convey a sense of progress", said Michael Hirson, Asia director at Eurasia Group and a former US Treasury Department official.

"We know what sort of changes we need", White House economic advisor Larry Kudlow said in an interview with Fox Business on Friday.

The February crude contract was up 87 cents United States at US$47.96 per barrel after a report that USA crude inventories remained essentially unchanged.

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