A White House economic adviser admitted to CNN that even more companies will suffer thanks to Trump's trade war.
Trump’s trade war caused Apple to downgrade its economic forecasts, causing even more trouble for an unstable stock market — and Trump’s top economic adviser is warning that it’s only going to get worse.
Asked on CNN whether it’s “alarming” that Apple is blaming Trump’s trade war for its profit losses, Kevin Hassett, who chairs Trump’s Council of Economic Advisers, failed to calm the nation’s economic jitters.
“There are a heck of a lot of U.S. 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,” Hassett said.
Apple suspended trading its stock on Wednesday afternoon pending an announcement noting it is downgrading its economic forecast for the beginning of 2019. In an interview with CNBC, Apple CEO Tim Cook specifically called out Trump’s trade war as a key factor in a worrying economic outlook.
And Apple isn’t alone.
At the end of 2018, FedEx CEO Frederick Smith said “most of the issues that we’re dealing with today are induced by bad political choices,” according to CNBC.
GM made headlines in late 2018, announcing the closing of several North American factories along with massive layoffs. GM previously said Trump’s trade war has cost the company about $1 billion.
Partially driven by concerns about Trump’s trade policies, the stock market had one of the worst Decembers in decades.
Rather than seek to calm a nervous market, the White House is publicly proclaiming that its own policies are going to make things even worse.
So far, 2019 is picking up right where 2018 left off: a clueless Trump is bungling the economy, and American families and companies are left to deal with the damage.
Published with permission of The American Independent.