Apple reported strong iPhone sales and rebound in revenue from China, giving a much-needed boost to two parts of the company’s business that had struggled over the past year.

Global iPhone sales were up 13.5 per cent year on year at $44.6bn. The strong earnings are a boost to Apple which has been heavily hit by Trump’s trade and tariff agenda since his “liberation day” announcements in April,

China’s top trade official said the two sides had “constructive” and “candid” discussions and agreed to keep the tariffs at current levels — the United States taxing Chinese goods at 30 percent and China collecting 10 percent on US products.

Porsche and Mercedes-Benz reported dramatic declines in profit Wednesday, hit by President Trump’s tariffs on one side of the world and a collapse in Chinese luxury sales on the other. It is “a kind of sandwich situation,

Mercedes-Benz Group AG reinstated guidance at a lower level, citing pressure from President Donald Trump’s tariffs and tough competition in China, where local brands are dominating on electric vehicles.