Trump downplays Apple woes, says China economy helps U.S. in trade talks

Dwayne Harmon
January 7, 2019

The now in the middle of striking a trade deal with China after imposing tariffs on billions of dollars worth of each other's goods.

USA officials are heading to Beijing next week for the first face-to-face talks since Trump and China's President Xi Jinping in December agreed to a 90-day truce in the trade war as they sought to strike a deal.

"I won't really consider switching my phone until 5G has been operating stably on the market for some time without any bugs - or unless they stop offering 4G".

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

Apart from that, the USA soybeans had been rotting in the fields, while its major importer China had been purchasing Soy from Brazils due to tariff wounds.

And it puts us in a very strong position.

Cook told CNBC that Apple products have not been targeted by the Chinese government, though some consumers may have elected not to buy an iPhone or other Apple devices due to the firm being an American brand. These two nations had been locked in a tariff war for much of the 2018, inflicting agonizing wounds and disrupting the flow of hundreds of billions of dollars, while both of the countries had suffered bad, alongside the global economy.

However, the two sides appear to end the dispute much sooner than expected, as the upcoming vice-ministerial level talks between US-China on trade dispute would likely provide concrete directives. The slowdown in the Chinese economy also impacted its revenue, he said.

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Apple shares were down 9.8 percent at $142.40.

Trump claimed Apple's stock price had gone up "hundreds of per cent" since he took office.

"That is having an impact on earnings and it's not going to be just Apple", White House Chairman of the Council of Economic Advisers Kevin Hassett said in an interview with CNN.

Trump added that he has encouraged Apple Chief Executive Officer Tim Cook to build plants and more products in the US.

Apple finds itself in a tricky position in China, a key market for sales and where it manufactures the bulk of the iconic products it sells worldwide, after the high-profile arrest in Canada of the CFO of domestic rival Huawei Technologies Co Ltd. -China trade dispute, a strong report on the market and encouraging comments from the head of the Federal Reserve about the central bank's interest rate policy all combined to cheer investors. I told Tim Cook, who's a friend of mine.

US stocks plummeted Thursday in reaction to a warning by Apple that it will miss its quarterly sales forecast.

Gains in tech-related names also boosted the broader market. The talks begin on December 31.

In addition to Gerrish, the U.S. team will include the Office of the U.S. Trade Representative's top negotiator on agricultural issues, Gregg Doud; Treasury Under Secretary for International Affairs David Malpass; Commerce Under Secretary for International Trade Gilbert Kaplan; the U.S. Agriculture Department's under secretary for trade and foreign affairs, Ted McKinney; the U.S. Department of Energy's assistant secretary for fossil energy, Steven Winberg; and other senior officials. Some US demands would require structural reform that may be unpalatable for Chinese leaders. It generated 51.94 billion dollars of revenues for Apple the fiscal year ending September 30, 2018 with a year-on-year growth of 16 percent. Perhaps we'll see some changes in that regard over the course of 2019.

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