Apple is “going to be fine,” stated President Donald Trump on Friday in response to the iPhone manufacturer’s recent financial stumble, while also claiming credit for the company’s value increase since he took office nearly two years ago.
Friday, while speaking outside the White House, President Trump was asked about Apple’s recently revised revenue expectations, in which the iPhone maker warned it is aiming for $84 billion for the holiday quarter, down from $89 billion to $93 billion.
Trump began his response by citing the bizarre claim the company had made “gone up a lot. They have increased by hundreds of percent since I took office. Apple’s sales were astounding, and the company will be just fine.”
Although Apple will certainly be fine, the company’s stock price has not fluctuated as much as Trump asserts. During the inauguration of the president on January 20, 2017, AAPL was trading at $121. In October, the stock price surpassed $230, representing a maximum increase of 90 percent during his tenure.
Apple’s stock price fluctuates around $148 at the time of publication.
Trump continued his remarks, alluding to the fact that Apple’s expectations were lowered in part due to China’s declining revenue. Trump said “Apple’s products are manufactured in China. I told Tim Cook, who is a close friend of mine and whom I adore, to manufacture his products in the United States and to construct those beautiful facilities there.”
The President went on to assert that China is “Apple’s biggest beneficiary” because the majority of its products are manufactured there. However, Trump also emphasized that the company is “investing $350 billion as a result of what we did with taxes and incentives in the United States.”
“My primary concern is the United States. I want to convince these companies to return to the United States, as so many have already done “continued Trump. I want Apple to manufacture their iPhones and other great products in the United States, and that will happen.