President Trump approved higher steel and aluminum tariffs on Turkey, sending U.S. stocks and the Turkish Lira sharply lower.

But Turkey's GDP of $860 billion is less than the market cap of Apple (AAPL - Get Report) , which crossed the $1 trillion level earlier this week.

That's the assessment from Matthew Cheslock, an equity trader with Virtu Financial, based on the floor of the New York Stock Exchange.

Cheslock thinks China is the more important economic factor in the trade debate.