Kudlow’s comments came shortly after China’s Commerce Ministry said Chinese and U.S. officials will meet next week to discuss trade. Both countries have been engaged in a trade spat for months that has sent ripples through global markets.
They also come after Apple slashed its revenue guidance for the fiscal first quarter, citing an unexpected slowdown in China. The news sent U.S. stocks down sharply on Thursday, with the Dow Jones Industrial Average dropping 660 points, as it stoked fears that the global economy may be slowing.
As of the third quarter of 2018, Apple is the third-largest smartphone maker by global market share, behind Samsung and Huawei, according to data from IDC.
But Kudlow said Friday that “Apple is not apocryphal” and that not all companies are facing the same headwinds as the tech giant. That remark came just a day after Kevin Hassett, an advisor to President Donald Trump, told CNN that a “heck of a lot of U.S. companies,” not just Apple, could see problems stemming from China.
Apple declined to comment.
— CNBC’s
Steve Kovach
contributed to this report.
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