California Rep. Darrell Issa shares in The Evening Edit what was discussed at a meeting between Apple CEO Tim Cook and GOP lawmakers on Thursday.
US demand in China’s manufacturing industry has reportedly fallen sharply as the country continues to struggle with COVID-19 lockdowns.
Some US companies have signaled plans to shift away from China. Apple plans to shift some manufacturing elsewhere in Asia, like India and Vietnam, the Wall Street Journal reported Saturday.
A worker works on an assembly line at the Shanghai Sany Heavy Machinery Co. plant in the Lingang Special Area and Comprehensive Zone in Shanghai, China, on Thursday, August 25, 2022. (Qilai Shen/Bloomberg via Getty Images / Getty Images)
According to CNBC’s Supply Chain Heat Map, U.S. manufacturing orders in China are down 40%.
APPLE CEO TIM COOK IGNORES QUESTIONS ABOUT HE SUPPORTS PROTESTS IN CHINA
China’s manufacturing purchasing managers’ index, which measures the performance of the country’s manufacturing industry, was 48.0 in November, the lowest in seven months, according to the country’s national statistics bureau.
Meanwhile, China’s non-manufacturing PMI, which reflects business sentiment in the country’s service and construction industries, fell to 46.7 in November from 48.7 in October.
In this November 23, 2022 photo, protesters face off against security guards in white protective gear at the factory compound of Foxconn Technology Group, which operates the world’s largest Apple iPhone factory in Zhengzhou, central China (Associated Press / AP Images).
| ticker | security | Last | change | change % |
|---|---|---|---|---|
| AAPL | APPLE INC. | 147.81 | -0.50 | -0.34% |
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China has stuck to its zero-COVID policy despite a spike in COVID-19 cases in recent weeks.
The latest round of lockdowns sparked nationwide protests, with hundreds of workers demonstrating in Zhengzhou this week at the flagship factory of manufacturer Foxconn, Apple’s main subcontractor in China.
Portal contributed to this report.