Kevin Hassett, economic advisor to President Donald Trump, said Thursday that the slowing Chinese economy could hurt the earnings and revenue of U.S. corporations doing business there.
"There are a heck of a lot of U.S. companies that have a lot of sales in China that are basically going to be watching their earnings be downgraded ... until we get a deal with China," Hassett said on CNN. "It's not going to be just Apple."
Hassett's comments on CNN, and similar remarks to reporters outside the White House Thursday, came as Apple shares were getting slammed after CEO Tim Cook acknowledged a slowdown in fiscal first-quarter sales, in an investor letter released late Wednesday. Cook said, in a subsequent CNBC interview, that "trade tensions between the United States and China put additional pressure on their economy."