Economics
White House Predicts ‘Heck of a Lot’ of Companies Sharing Apple Pain
- Apple cut sales forecast for first time in nearly two decades
- China under pressure to make deal with Trump, Hassett says
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President Donald Trump’s trade war with China will force many U.S. companies to join Apple Inc. in announcing lower than expected earnings, the chairman of the White House Council of Economic Advisers said.
“It’s not going to be just Apple,” CEA chairman Kevin Hassett said in an interview on CNN. “There are a heck of a lot of U.S. companies that have sales in China that are going to be watching their earnings being downgraded next year until we get a deal with China.”