According to Business Insider, One of President Donald Trump's top economic advisers suggested that Apple's shock announcement downgrading revenue outlook for the holiday quarter is only the first in a series of ugly earnings revelations coming as a result of the US-China trade war.
Kevin Hassett, the chair of the White House Council of Economic Advisers said, It's not going to be just Apple. There are a heck of a lot of US 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.”
Stocks were sharply lower following Apple's announcement, with the tech giant down almost 9%.