Apple shares plummet as US loses trade war

[mrswdk]

US picks fight with China, ruins all its own companies that are totally dependent on the world's most important economy:

The first US company to achieve a trillion dollar market value, [Apple] boasted trend-setting products, a cash pile larger than the economy of some countries and consumers so loyal they would camp out overnight.

But in recent weeks, the California firm has fallen sharply out of favour.

Its share price has tumbled more than 20% since October, hurting other stocks and infecting the wider market.

...

The iPhone maker has been infected by the market fears, of which there are plenty, including overly optimistic valuations, rising interest rates, currency fluctuation and US-China trade tensions.

China, in particular, is a risk some are watching for Apple, since the Greater China region - which includes Hong Kong and Taiwan - is the source of about 20% of the firm's revenue.

[mrswdk]

Another success story for China Power that has emerged from the trade spat:

For the past several months, President Donald Trump has been waging a costly trade war with China, which has had no shortage of ill effects on US farmers.

The US Department of Agriculture told the Washington Post this week that a Chinese-owned pork producer that operates in the United States, Smithfield Foods, qualifies for a government bailout check.

Smithfield Foods is the largest pork producer in the country.

Chinese investors looking for a cheap backwater in which to rear their pork set up industrial-scale operations in the US. After the US Government started misbehaving and China punished it with economic sanctions, the US Government stepped in to make sure Chinese business would not be hurt, handing tens of millions of dollars to those businesses so that hardy American bumpkings can continue producing pork for the people of China.

[mrswdk]

America is now officially the low-cost production facility servicing China's booming economy:

In the southeastern state of Georgia, a small company is producing a quintessential Chinese product - chopsticks - for shipment to China and other countries.

“Right now we are making about two million pairs of chopsticks per day but we are increasing," says Jae Lee, president of Georgia Chopsticks. "End of this month, we’ll have seven machines coming in, so it’ll increase to like four million per day. End of this year, we’ll produce 10 million per day.”

“Suddenly here’s a huge nation, fastest growing in the world, that finances part of our national debt, and here we are making their basic products and shipping it to them, like they’ve done for us for years. It’s just kind of a reverse.”

https://www.voanews.com/a/chopsticks-ca ... 63597.html