As Hassett spoke to Poppy Harlow on CNN, he was asked about how the Dow is down by more than 500 points today after Apple’s shares dropped by 9% amid a weak sales forecast. Since Apple CEO Tim Cook is attributing this to President Donald Trump‘s trade war with China, Hassett argued that this fits with what he’s been saying about how the U.S. economy is supposedly growing while intercontinental markets are slowing down.

“It’s not going to be just Apple,” Hassett said. “There are a heck of a lot of U.S. companies that have sales in China that are going to be watching their earnings being downgraded next year until we get a deal with China.”