China's widening iPhone curbs roil US technology sector - Reuters
cross-posted from !apple
- 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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