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China's widening iPhone curbs roil US technology sector - Reuters (www.reuters.com)

submitted 1 year ago by [email protected] to c/[email protected]

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cross-posted from [email protected]

Beijing has imposed restrictions on iPhone use among its government staff, causing Apple's stock to drop by more than 3%.
The move exacerbates already high tensions between the U.S. and China, affecting U.S. tech companies with significant exposure to the Chinese market.
U.S. lawmakers from both major parties express national security concerns and urge a tougher stance against Beijing.
Apple suppliers like Qualcomm and Broadcom also experience stock declines, leading losses among major tech firms.
The restrictions indicate that even companies with good relations with China are not immune to geopolitical tensions.
Despite U.S. sanctions on Huawei, Apple faces competitive pressure in China, where it earns nearly a fifth of its revenue.

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[–] ink 4 points 1 year ago

“This is textbook Chinese Communist Party behavior - promote PRC (People’s Republic of China) national champions in telecommunications, and slowly squeeze Western companies’ market access,” Gallagher, a Republican, told Reuters

So US banned Huawei first. Is US communist now?