- The three-month cease-fire in the trade war should offer a reprieve for U.S. companies that produce and sell in China.
The three-month cease-fire in the trade war should offer a reprieve for United States companies that produce and sell in China.
President Donald Trump and Chinese President Xi Jinping struck the agreement on Saturday to pause as tariff negotiations continue for 90 days starting in January.
Here are the top 20 U.S. companies with the highest revenue exposure to China, according to Goldman Sachs, which used data from 2017.
Apple's supply chain in China has also been under scrutiny. The tech giant's stock fell last week after Trump suggested the U.S. might put a 10 percent tariff on iPhones because of their Chinese components. Bernstein analyst Toni Sacconaghi estimated about 25 percent of Apple's revenue would be subject to such a tariff.
Trump crowed about the meeting with Xi in a tweet on Monday, saying "relations with China have taken a BIG leap forward!"
@realDonaldTrump: My meeting in Argentina with President Xi of China was an extraordinary one. Relations with China have taken a BIG leap forward! Very good things will happen. We are dealing from great strength, but China likewise has much to gain if and when a deal is completed. Level the field!