Top WH Economic Official Says 'Heck of a Lot' of Companies Will Have Earnings Woes Due to China
Kevin Hassett, chairman of the White House Council of Economic Advisers, said Jan. 3 on CNN that Apple's warning of slowed earnings growth due to falling sales in China is just the beginning. "I think that there are a heck…
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of a lot of U.S. companies that have a lot of sales in China that are basically going to be watching their earnings be downgraded next year until we get a deal with China," he said. "If we have a successful negotiation with China, then Apple's sales and everybody else's sales will recover." Hassett said the economic fallout in China "puts a lot of pressure on China to make a deal."