Sales at Apple (AAPL) , Boeing (BA) and top U.S. automakers could take a hit if President-elect Donald Trump carries out his promise to impose a 45% tariff on Chinese imports, China's state-backed newspaper Global Times warned in an editorial published on Sunday.
Trump repeatedly criticized China throughout his presidential campaign, saying he would label the government as a "currency manipulator" immediately upon entering the White House. The Global Times threatened that actions like that could trigger "countermeasures" by the Chinese government, causing a "number of U.S. industries" to be impaired.
"A batch of Boeing orders will be replaced by Airbus. U.S. auto and iPhone sales in China will suffer a setback, and U.S. soybean and maize imports will be halted," the Global Times said in its editorial. "China can also limit the number of Chinese students studying in the U.S."
Counter-measures could spell further trouble for Apple in the region. In its latest earnings report, sales in Greater China fell 30% year-over-year. The region made up about 19% of the Cupertino, CA-based company's revenue during the quarter.
The slump is believed to be tied to increased demand for smartphones from local manufactures like Huawei and Xiaomi, according to Barron's. Additionally, China in April shut down Apple's online book and movie services in the country.
Apple shares were trading down 2.7% to $105.48 on Monday afternoon.