Apple stares down $75bn in losses on US-China trade tension

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

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