- Recession, as iPhone sales slow down in China
Kevin Hassett, White House economic adviser said that China’s economy is now facing “what for them might be called a recession” as iPhone sales slow down.
Apple’s announcement of slowing iPhone sales in China caused a meltdown on Wall Street. The Dow Jones dropped more than 600 points and the NASDAQ lost 200 amid concerns over trade tensions and a potential economic slowdown. Also, the State Department is urging caution for Americans traveling in China, as authorities there have barred some people from leaving the country.
The meltdown on Wall Street has increased trade tension and concerns with the Chinese economy.
But White House economic adviser Kevin Hassett said that Beijing’s economic worries will pressure it to reach a deal.
“Make no mistake. The Chinese economy is on a path that we haven’t seen in decades. And that is something that will affect companies that operate in China.
And so there is a lot of room for positive gain in the Chinese negotiations. And I think the fact that their economy is having trouble right now shows that our policies have been effective in getting them to the table,” he said.