Apple sheds US$75 bil of market value as trade tumult bites

Apple's iPhone is now vulnerable over the US-China trade war resulting in a double tariff impose of 25% on China's goods and services.

NEW YORK: Apple is headed for its biggest weekly decline this year as the iPhone maker’s profits are seen as particularly vulnerable to a flare-up in the trade war given its reliance on China for production and sales.

Apple has shed about US$75 billion of market value since last Friday, a slide that takes it even further away from the US$1 trillion valuation it appeared close to reclaiming earlier this month. Morgan Stanley on Thursday estimated that in a worst-case trade scenario, Apple could see its earnings drop by nearly a quarter, or US$3 per share.

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