Apple’s market capitalization reduced by $200 billion due to iPhone ban in China

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This reflects the increasing competition between the world’s two largest economies. The news of the alleged ban on iPhone has come at a time when Apple is preparing to release the latest version of its phone on September 12. It is expected to unveil the iPhone 15.

Due to increasing tension between America and China, the market capitalization of the giant technology company Apple has decreased by about 200 billion dollars. This week, many media organizations have also reported the isolation of iPhone manufacturer Apple by China. Apple’s shares fell three percent on Thursday following reports that the Chinese government was barring its employees from using iPhones. Its shares have fallen by more than five percent in a week. Victoria Scoular, head of investment at British investment platform ‘Interactive Investor’, said, “China is now reducing its dependence on American technology, but this (stop) is a big challenge for Apple.”

China is its biggest international market and about 20 percent of its revenue comes from there. Apple was contacted for information in this regard, but no response was received from it. China’s Foreign Ministry spokesperson Mao Ning did not give a direct answer to the question asked about the ban on the use of iPhone. He only said, “Products and services from any country are welcome in the Chinese market, as long as they comply with China’s laws and regulations.” ,

The already existing tension between the US and China increased further last month when US President Joe Biden signed an executive order to impose restrictions on US high technology investments in China and bring them under the ambit of regulations. Had done. This reflects the increasing competition between the world’s two largest economies. The news of the alleged ban on iPhone has come at a time when Apple is preparing to release the latest version of its phone on September 12. It is expected to unveil the iPhone 15.

Disclaimer: IndiaTheNews has not edited this news. This news has been published from PTI-language feed.



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