Several industries, including luxury fashion and liquor, could be hit hard by supply chain disruptions and reduced demand in China. Apple has warned that its revenues for the current quarter are likely to be lower than initially expected as the consumer electronics giant faces both slowdowns in iPhone manufacturing and shuttered Apple stores across China.
The American and Chinese economies are tightly intertwined. Many industries rely on imports from supply chains with a large footprint in China, and an economy with over a billion people and a growing middle class represents one of the biggest markets for American exports.