[throwaway5752]

I read all the comments, and nobody has mentioned consumer nationalism? The US president's behavior and the concept of face?

Apple is being dragged down the trade war's reputational halo effect. Keep an eye on major international consumer US brands (Disney, McDonalds, Starbucks, and others).

Obviously there's an rapid economic deceleration, too, but things happen for more than one reason most of the time.

[sjansen]

It probably didn't become a large enough issue until the tail end of last quarter. I expect this will be the quarter that we start to see antagonism between Trump and China have a real effect.