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Apple Losing Traction in China After US-Trade War Escalation

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Huawei is winning over more and more Apple fans in China as the escalated trade tensions stoked “nationalist sentiment,” according to the South China Morning Post.

China’s consumers are increasingly favoring their domestic brands after the U.S. stepped up its action against Huawei, the paper said. The article cited a few anecdotes where people switched to Huawei smartphones from their beloved iPhones to show their support for the country and Chinese brands.

“It’s kind of embarrassing to pull an iPhone out of your pocket nowadays when all the company executives use Huawei,” Sam Li, who works at a state-owned telecom company in Beijing, told South China Morning Post. He added his company offers employees a Huawei discount.

The nationalist rhetoric has gotten louder in China after President Donald Trump blacklisted Huawei, effectively halting its ability to buy American-made parts and components. Comments like “support Huawei” and “hang in there” have become increasingly popular on Chinese social media platforms and some people said Google’s decision to cut ties with Huawei is like “cutting the ground from under one’s foot,” according to the Hong Kong-based newspaper.

via CNBC

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Alfonso Esparza

Alfonso Esparza

Senior Currency Analyst at Market Pulse
Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
Alfonso Esparza

@alfonso_forex

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