Trump’s trade war with China begins — and Apple, Tesla, and US stocks are the first major casualties. The markets: Messy and bad. Analyst notes from EY on the Fed, Wedbush on China and Apple, and Oxford Economics on the job numbers.

Amid the escalating tariff war with China, Donald Trump believes that Apple could manufacture its flagship product, the iPhone, in the United States. However, analysts and the company itself believe this can’t happen anytime soon,

If the tariffs hold, Apple is widely expected to eventually raise the prices on iPhones and other popular products because the Silicon Valley’s supply chain is so heavily concentrated in China, India and other overseas markets caught in the crossfire of the escalating trade war.