Apple may be the biggest U.S. corporate casualty once tariffs on $300 billion more Made in China goods takes place.
A woman using a smartphone outside a Huawei store in Beijing. U.S. companies supplying microprocessors for Huawei telecommunications equipment, including its smartphones, are required to get permission from Washington before doing so. photo credit: ASSOCIATED PRESSBesides recent announcements to curtail purchases of U.S. semiconductor and microprocessors for use in Chinese telecommunications and surveillance equipment, more tariffs are in the works.
China’s export growth to the U.S. is down 10.1% annualized over the same period. China’s imports from the U.S. dropped at a much faster pace to -30.2% annualized in the January-April 2019 period compared to a 13.6% growth rate in the second quarter of 2018. Growth in China’s crude oil imports from the U.S. slumped 95.2% annualized in the fourth-quarter 2018, mostly due to front-loading shipments in the previous quarter, based on Nomura’s findings.Apple CEO Tim Cook. His company might be the most visible casualty in the trade war. The Department of Commerce put Chinese tech companies that make surveillance and telecom equipment on notice.
According to China’s National Bureau of Statistics, China produced 1.8 billion mobile phones last year, down from 2.3 billion in 2016. Around 76% of those were smartphones. But for now, most of those shipments are of Apple iPhones. China’s exports of iPhones to the U.S. were $31 billion in 2018, accounting for 6.5% of China’s total exports to the U.S. last year, which came in at $478.4 billion, according to the U.S. Census Bureau. It was another record-breaking year for China exports and trade gaps between the two countries.
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