China’s Raises “The Other Nuclear Option”
We are on our way out to go fishing for the next few weeks but couldn’t let this pass without one last post.
The current headline at the Drudge Report linking to a CNBC piece citing the People’s Daily (Chinese government press) that Apple could become a target in the trade wars.
China is by far the most important overseas market for the US-based Apple, leaving it exposed if Chinese people make it a target of anger and nationalist sentiment. China doesn’t want to close its doors to Apple despite the trade conflict, but if the US company wants to earn good money in China, its needs to share its development dividends with the Chinese people.
..,Apple’s contribution to job creation in China is notable, but the company enjoys most of the profits created from its Chinese business. It is impractical and unreasonable to kick the company out of China, but if Apple wants to continue raking in enormous profits from the Chinese markets amid trade tensions, the company needs to do more to share the economic cake with local Chinese people.
The trade conflict initiated by Trump administration reminds China to re-examine China-US trade. It seems US companies doing business in China are the biggest winners from China-US trade. The Chinese market is vital for many top US brands, giving Beijing more leeway to play hardball in the trade conflict. – China’s People’s Daily, August 7th
Sounds Familiar?
Recall our post, China’s Other Nuclear Option, way back in March warning that Apple would become a target if a trade war broke out between the U.S. and China,
Target Apple
What more efficient way to take the U.S stock market down than to hit its largest stock by threatening market access to the Chinese consumer? Apple’s market cap is over $800 billion, the world’s largest, and such a scenario would certainly take the overall market down.
The following chart illustrates Apple derives around $50 billion of its annual revenues from greater China, which is about 20-25 percent of its total revenues.
Furthermore, Apple assembles most of its iPhones and gadgets in China. A disruption to Apple’s supply chain would further disrupt the stock. — Global Macro Monitor, March 25th
Major Pushback
We were knocked down, kicked around, and laughed out of the ballpark over that post, folks.
That is why we still draw inspiration, and miss one of the great intellects of our time, the Hitch,
I’ve tried for much of my life to write as if composing my sentences to be read posthumously. I hope this isn’t too melodramatic or self-centred a way of saying that I attempt to write as if I didn’t care what reviewers said, what peers thought, or what prevailing opinions may be pic.twitter.com/hMGPvD7zc6
— Hitchens Quotes (@Hitch_Slapping) August 7, 2018
Stay tuned to the Global Macro Monitor. More good, unconventional, anti-lemming provocative research and market commentary to come.
By the way, that piece we promised on the bond market is still a work in progress. Late next week.
Source: https://macromon.wordpress.com/2018/08/07/chinas-raises-the-other-nuclear-option/
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