“Apple stock fell 1.3% on July 11 as a result of the escalating US-China trade war, while the tech-heavy NASDAQ Composite fell 0.6%,” Sean Allen writes for Market Realist.
“The Trump administration announced on July 10 that it would assess 10% tariffs on an additional $200 billion in Chinese goods,” Allen writes. “Investors are worried as over one-fifth of the tech giant’s revenue comes from Greater China.”
“However, the trade war may not affect Apple much, as the Chinese government may not want to upset the relationship it has with the company,” Allen writes. “China is also home to iPhone assembling company Foxconn, whose fortunes are tied heavily with Apple’s.”
Read more in the full article here.
MacDailyNews Take: So far, Mr. Market has shrugged.
The United States is insisting that all countries that have placed artificial Trade Barriers and Tariffs on goods going into their country, remove those Barriers & Tariffs or be met with more than Reciprocity by the U.S.A. Trade must be fair and no longer a one way street!
— Donald J. Trump (@realDonaldTrump) June 24, 2018
I’m cognizant that in both the U.S. and China, there have been cases where everyone hasn’t benefited, where the benefit hasn’t been balanced. My belief is that one plus one equals three. The pie gets larger, working together. — Apple CEO Tim Cook, March 24, 2018
At least half of the popular fallacies about economics come from assuming that economic activity is a zero-sum game, in which what is gained by someone is lost by someone else. But transactions would not continue unless both sides gained, whether in international trade, employment, or renting an apartment. — Thomas Sowell, June 14, 2006
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