China's Restrictions , on iPhones Send , Apple Shares Tumbling.<br />Al Jazeera reports that shares in Apple plummeted <br />for the second straight session following the <br />announcement of strict Chinese restrictions on iPhones. .<br />The restrictions, which ban iPhones from government <br />offices and state-backed entities, come amid rising <br />tensions between the United States and China.<br />Following the release of a 'Wall Street Journal' report <br />on the new Chinese policy, shares in the world's biggest <br />publicly-traded company fell 3.5% on September 6. .<br />On September 7, shares in Apple <br />fell an additional 2.8% to reach <br />$177.79 by late morning trading.<br />Al Jazeera reports that China has been pushing <br />locally-made tech products, with technology at the <br />center of major national security issues with the U.S.<br />In 2020, 'The Economic Observer' reported that some Chinese government agencies had already implemented a ban on officials using iPhones, citing Apple's strict privacy rules. .<br />China generates nearly one fifth <br />of the tech giant's revenue, <br />making it one of Apple's largest markets. .<br />This could provide an additional <br />challenge for the company, as its <br />revenues from China have already <br />been negatively impacted by <br />a challenging macroeconomic <br />environment in that country, Tom Forte, D.A. Davidson analyst, via Al Jazeera.<br />According to Patrick O'Hare, a Briefing.com <br />analyst, China's ban on Apple could have <br />implications that extend to other tech companies. .<br />The worry for the market is that, if China <br />purposely chooses to make business difficult <br />for a company like Apple, which has a good <br />and important working relationship in <br />China, then it can do so for a lot of other <br />U.S. companies doing business in China, Patrick O'Hare, Briefing.com analyst, via Al Jazeera.<br />The worry for the market is that, if China <br />purposely chooses to make business difficult <br />for a company like Apple, which has a good <br />and important working relationship in <br />China, then it can do so for a lot of other <br />U.S. companies doing business in China, Patrick O'Hare, Briefing.com analyst, via Al Jazeera
