The news of the iPhone ban in China caused Apple shares to fall

Yesterday’s news about the ban on the use of Apple iPhones by Chinese government officials caused Apple shares to fall and raised concerns among U.S. officials, writes Reuters.

Apple shares fell 2.9% and suffered their worst two-day percentage drop since November 2022, as China is one of the company’s largest markets, accounting for 19% of Apple’s total revenue, and any government regulation could affect smartphone sales.

U.S. lawmakers are concerned that U.S. tech companies that are heavily “exposed” to China could suffer from rising tensions between the two countries.

Several Wall Street analysts said that the new restrictions show that even a company that seems to have good relations with the Chinese government and has a significant presence in the world’s second largest economy is not immune to rising tensions between the two countries.

Against this backdrop, the statement by Foxconn founder Terry Gou, who is running for president of Taiwan, that China will not be able to put pressure on him because of concerns about the investment climate in the country, looks particularly ironic.