The three-month ceasefire in the trade war should offer a reprieve for United States companies which produce and sell in China.
President Donald Trump and Chinese President Xi Jinping struck an agreement on Saturday to pause the trade war for the next 90 days as tariff negotiations continue.
Here are the top 20 U.S. companies with the highest revenue exposure to China, according to Goldman Sachs, which used data from 2017.
Goldman’s list is filled with companies in the semiconductor industry, such as Nvidia and Intel. Many chipmakers sell to manufacturers in China.
Apple’s supply chain in China has also been under scrutiny. The tech giant’s stock fell last week after Trump suggested the U.S. might put a 10 percent tariff on iPhones. Bernstein analyst Toni Sacconaghi estimated about 25 percent of Apple’s revenue would be subject to such a tariff.
Trump crowed about the meeting with Xi in a tweet on Monday, saying “relations with China have taken a BIG leap forward!”
@realDonaldTrump: My meeting in Argentina with President Xi of China was an extraordinary one. Relations with China have taken a BIG leap forward! Very good things will happen. We are dealing from great strength, but China likewise has much to gain if and when a deal is completed. Level the field!