Trump to Apple: 'Make your product in the United States'
07 January, 2019, 06:14 | Author: Kevin Carter
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 Cooksaid 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.
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.
Mr Trump also pledged to protect the Kurdish population in areas under U.S. and Kurdish control in Syria at the moment. I didn't like the fact that they're selling the small oil that they have to Iran.
Early points dropped against Southampton and Swansea showed why they were 33/1 outsiders to get their hands on the title. Kompany , though, called on his side to avenge a painful Champions League quarter-final exit to Liverpool last season.
Among this year's modern era finalists, Lynch and Coryell have been finalists the most often at six and five times, respectively. Bailey, who never won a Super Bowl, is still looked at amongst the all-time greats at the cornerback position.
Leonard and Danny Green were then dealt from the Spurs to the Raptors for a package centered around DeMar DeRozan in mid-July. DeRozan shot 7 for 15 from the field, collecting 13 defensive rebounds and finishing with just three turnovers in 33 minutes.
Also notice that the New Year's Eve celebration in the promo video is "brought to you locally by Starcourt Mall". The words "When blue and yellow meet in the West" flash across the screen around the 0:14 mark.
It fears Tsai wishes to push for Taiwan's formal independence, though Tsai says she wants to maintain the status quo. Nationalist forces under Chiang Kai-shek fled to Taiwan in December 1949 after losing a civil war to the Communists.
Since its premiere on December 21, the original drama has been viewed by over 45 million accounts, the company reports. As Kelly Kahl, president of CBS Entertainment apparently put it: "independently verified by. uh, Netflix".
A total of 5 occupants in the vehicle witnessed this innocent child, their loved one, shot and killed before their eyes. Authorities are searching for a red pickup truck, left, in connection with the fatal shooting Jazmine Barnes , right.
Trump tweeted late Saturday that he is going to Camp David Sunday to discuss border security and other topics with senior staff. Democratic Senator Doug Jones, appearing on the same programme, said the White House has not presented a plan to use the money.
In his own message, Moon thanked Kim for his "warm" letter and said he was still invited to South Korea, according to the AP. The report did not include details about the substance of the message but said they related to U.S-North Korea talks.
Reds now on City's level, says Klopp despite loss
So it has proved by early January, a game in hand and a head-to-head victory having brought City right back into the picture. At the beginning of December they defeated title-chasing Chelsea, just days after they'd lost to Cardiff.
Escape room fire kills five teenagers in Poland
Five girls aged around 15 were killed in the fire in the city of Koszalin on Friday night, as they celebrated a birthday. President Andrzej Duda tweeted a message of support to the families of the victims, calling it a " devastating tragedy ".
State Department issues new China travel warning
The first line of the advisory cites the "arbitrary enforcement of local laws as well as special restrictions on dual U.S". Its updated advice warns that U.S. citizens have been arbitrarily prevented from leaving the country.
China releases detained Canadian teacher Sarah McIver
She is wanted in the United States on allegations she lied to American banks as part of an effort to get around sanctions on Iran. Since her arrest, multiple Canadian citizens have been detained in China , even as both governments refused to link the cases.