“I think that puts a lot of pressure on China to make a deal,” Hassett told CNN. “Their economy, for them, you might call a ‘recession.’ It’s slowing down in a way that they haven’t seen in a decade.”
The rare warning from Apple, which sparked concerns about the Chinese economy and growth prospects worldwide, had Wall Street reeling, sending stocks down more than 2 percent.
However, Hassett said, “If we have a successful negotiation with China then Apple sales and everybody else’s sales will recover. But right now, China is feeling the blow of our tariffs.”
