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) , 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. 

More from Video

In Case you Missed it: Qualcomm's Legal Issues Explained, IBM Is Surging

In Case you Missed it: Qualcomm's Legal Issues Explained, IBM Is Surging

Will 2019 Make IPO's Great Again?

Will 2019 Make IPO's Great Again?

Jim Cramer Weighs in on IBM Earnings, Tesla Downgrade and Trade Talks

Jim Cramer Weighs in on IBM Earnings, Tesla Downgrade and Trade Talks

What Trade Talks? Jim Cramer's Thoughts on U.S.-China Trade War

What Trade Talks? Jim Cramer's Thoughts on U.S.-China Trade War

Why Jim Cramer Thinks Tesla's an Innovative Company

Why Jim Cramer Thinks Tesla's an Innovative Company