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Apple was once considered so important to both America and China that some even hoped it would help avert great-power conflict. Now the iPhone-maker finds itself more exposed than any big American company to President Donald Trump’s trade war. Not only will higher tariffs push up its costs in America, its biggest market. Retaliation could clobber its sales in China, its second-biggest. Never has Tim Cook, the firm’s boss, faced a more urgent need to justify his reputation for geopolitical fence-straddling.
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