Trump Tells Apple ‘Make Your Product in the United States’

Apple

Tech giant Apple (AAPL) is trading on a mixed note today after massive volatility. Last week, the company’s announcement about cutting its guidance for its first quarter of fiscal 2019 took a toll on its stock, which tanked 10.0% on January 3.

Trump Tells Apple ‘Make Your Product in the United States’

Trump’s not concerned

Apple’s January 3 sell-off was followed by a 4.3% recovery on January 4, triggered mainly by the broader-market rally that day. Factors such as positive December jobs data and central bank chair Jerome Powell’s comments helped key US indexes recover. Now let’s take a look at what President Donald Trump thinks about Apple’s recent drop.

According to a recent CNBC report, Trump said “he is unconcerned about the company or its impact on the U.S. economy.” He made these comments during at a White House news conference on January 4.

Trump added, “China is the biggest beneficiary of Apple, more than us. Because they build their product mostly in China.” The president also mentioned that he told Apple’s CEO, Tim Cook, “Make your product in the United States.”

In the coming sessions, Apple investors should closely watch updates related to the ongoing US–China trade negotiations.

In the fourth quarter of 2018, Apple stock fell 30.1%. Other tech companies Amazon (AMZN), Microsoft (MSFT), Alphabet (GOOG), NVIDIA (NVDA), Facebook (FB), and Netflix (NFLX) lost 25.0%, 11.2%, 13.4%, 52.5%, 20.3%, and 28.5%, respectively, last quarter.