Big Tech is a pawn in US-China trade war. Here’s why some will feel the heat more than others.

President Trump’s trade war with China started on Tuesday, the White House implementing a 10% rate on all Chinese products in the United States. The largest companies in Silicon Valley are already taken in what could be transformed into a series of tit-for-tat actions between the two biggest economies in the world.

On Tuesday, the Chinese State administration for market regulations (SAMR) announced that it opened an antitrust survey on Google (Goog,, Googl). The agency has provided no additional details on the move.

Wednesday, Bloomberg reported that China plans to launch an antitrust survey on the Apple (Aapl) Practices of the App Store. Samr officials have already been talking with Apple leaders for some time, but the time of the potential probe has been implementing Apple as another pawn in the economic chess between superpowers.

And According to the Financial TimesChinese officials plan to launch an Intel investigation (Intruder) in addition to an underway investigation into Nvidia (Nvda).

All of this is part of China’s efforts to punish the most eminent companies in the United States and impose its own pain in the United States, while the two nations continue to fight in the coming weeks and months. Here is an overview of companies that will feel heat and that should remain relatively unscathed. For the moment.

Apple was taking success in the United States and China in the last economic skirmish in countries. The United States has launched things by taking its Price on goods made in Chinawhich includes Apple products and its very important iPhone.

Las Vegas, United States-January 06: the CEO of Nvidia, Jensen Huang, pronounces an opening address to the Consumer Electronics Show (CES) 2025, presenting the latest business innovations in Las Vegas, Nevada, United States , on January 6, 2025. During the event, Huang devoured the advanced AI for the training of robots and cars, improved play chips and the first nvidia desktop computer, while detailing how the company was extending its AI technology from data center to consumer PCs and laptops. (Photo by Artur Widak / Anadolu via Getty Images) — Cut in the middle: the CEO of Nvidia, Jensen Huang in Las Vegas last month. (Photo by Artur Widak / Anadolu via Getty Images) · Anadolu via Getty Images

This would increase the prices of Apple equipment, potentially 10%, or force Apple to eat a little or the price cost, which reduces the margins of the iPhone. Apple can also file an exemption from the prices, which he did during the Trump anterior administration. This would allow him to bring his devices to the United States without having to deal with the 10%tax. But so far, there is no words to know if he is able to do so.

China is now retalating via its antitrust survey on Apple App Store practices. The investigation itself is not unique. The European Union and other nations have forced Apple to make changes to the requirements of its store and its payment system in recent years. And the Ministry of Justice has has tabled an antitrust action against Applealleging that it deliberately makes it difficult for consumers to use third -party equipment or move to another band of devices.

But it is unlikely that the prices and the Chinese antitrust action considerably damage apple finances.

Find out more: What are the rates and how do they affect you?

According to Bofa Securities analyst, Wamsi Mohan, Apple could move the assembly of devices to factories from other countries, which the company has done since the weakness exposed is comfortable in its supply chain.

If Apple builds 80% of its aircraft outside of China, it would only see a profit per share of $ 0.05 has the impact of this exercise. If 50% come from outside China, this could reach between $ 0.07 and $ 0.12 per share.

China’s antitrust repression would also have a breach in Apple’s revenues, but it would not be an erasure, said Dan Ives de Wedbush in an investor note.

The company has carried out $ 26 billion in service income, which includes sales of App Store, in the first quarter and $ 124 billion in global sales for the quarter. According to Ives, Apple generates $ 5 billion a year via its Chinese app store, which is a relatively thin slice of the company’s overall pie.

Apple CEO Tim Cook is atauguration of Donald Trump as 47th President of the United States in the American Capitol rotunda in Washington, DC, January 20, 2025. Trump takes up his second non-consecutive mandate as 47th President of the United States. (Photo by Kevin Lamarque / Pool / AFP) (Photo by Kevin Lamarque / Pool / AFP via Getty Images) — Presented by both sides: Apple CEO, Tim Cook, is witnessing the inauguration of Donald Trump. (Kevin Lamarque / Pool / AFP) · Kevin Lamarque via Getty Images

“It is less the exposure to income for investors and more of the construction of American / Chinese tensions with us Big Tech online for photos of reprisals through the arc,” wrote Ives in his memo.

Intel, Google and Nvidia are also faced with potential antitrust surveys as part of China’s response to American prices, and this could mean Intel problems in particular.

The flea manufacturer generates most of its income thanks to sales in China. In 2024, China represented $ 15.5 billion in the $ 53.1 billion in the company. The United States, the second largest region of Intel, represented $ 12.9 billion.

Intel is in the midst of a multi -year recovery effort, putting the company in a particularly precarious situation if China decides to take a kind of action against the company.

Google, for its part, does very little business in China. After withdrawing its operations from the company years ago, the only real presence of the company is to sell announcements for Chinese companies that seek to reach foreign customers.

“It is almost comical that China plans to regulate Google – since Google is indeed prohibited there,” wrote Gene Munster, Managing Director of Deepwater Asset Management, in a research note.

Things are a little more trembling for Nvidia. The company is under pressure from China and the United States after China launched an investigation into the company in December after the decision of the president of the time, Biden to restrict the exports of certain Nvidia chips to the country . And after the beginnings of the Deepseek AI models, which the company has developed using undernourished NVIDIA chips, the United States plans to further strengthen these export restrictions.

China represented $ 5.4 billion $ 35 billion in Nvidia in the third quarter, well behind the $ 14.8 billion in the United States. But as one of the largest AI industry markets, China is an important element in the company’s overall strategy.

It is not entirely known what would mean an antitrust survey for Nvidia in China, but if the American company obliges the company to restrict more throws than it already does, it could face a wind from the front of income outside the region.

For the moment, Big Tech faces the prices of the United States. But with China pointing that it is ready to hurt Silicon Valley companies if Trump pushes things further, companies will not be able to rest comfortably for a while.