Cupertino said to have the most at stake if the iPhone loses China’s multi-purpose messaging, social media and mobile payment app.
From the Wall Street Journal’s “Corporate America Worries WeChat Ban Could Be Bad for Business” ($):
U.S. companies whose fortunes are linked to China are pushing back against the Trump administration’s plans to restrict business transactions involving the WeChat app from Tencent Holdings Ltd. saying it could undermine their competitiveness in the world’s second-biggest economy.
More than a dozen major U.S. multinational companies raised concerns in a call with White House officials Tuesday about the potentially broad scope and impact of Mr. Trump’s executive order targeting WeChat, set to take effect late next month.
Apple Inc., Ford Motor Co., Walmart Inc. and Walt Disney Co. were among those participating in the call, according to people familiar with the situation…
Apple is among the U.S. companies with the most at stake. Being forced to remove the app from its devices could be devastating. Analyst Ming-Chi Kuo at TF International Securities projected that global iPhone shipments could fall by as much as 30%, if such a ban goes into effect.
My take: Bull in a China shop.