It used to be said that what was good for General Motors was good for America. Donald Trump’s administration believes that what is bad for Apple is bad for China. Which means it is good for America. When Apple’s iPhone sales undershoot, as they did last week, China suffers. Or so the theory goes. In practice, they have been switching to smartphones made by Huawei, the domestic telecoms company, which may help China. But that is beside the point. What is bad for some of America’s biggest brands is apparently good for its president. It is hard to overstate the departure from how US presidents normally behave. Yet the clout of the most powerful US business lobbies was in decline before Trump took the job. He has only crystallised this. Groups such as the Chamber of Commerce, and the Business Roundtable, complain loudly about Trump’s immigration crackdown, his tariff wars and government shutdowns. The White House pays scant attention. Theirs was a Faustian bargain. Business pocketed Tru...

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