Other U.S. companies besides Apple Inc. are likely to take a hit to earnings because of the slowdown in China, said White House chief economist Kevin Hassett, on Thursday. "It is not just going to be Apple, I think there are a heck of a lot of U.S. companies that have a lot of sales in China that are basically going to be watching their earnings be downgraded next year until we get a deal with China," Hassett said. "That puts a lot of pressure on China to make a deal," he added. Hassett said the Chinese economy is feeling the blow of U.S. trade tariffs. China "is slowing in a way that I haven't seen really in more than a decade and that is going to be bad for profits for U.S. firms that sell things in China." For China, their economy is looking "for them what might be called a recession," he said. Apple AAPL, -0.46% Chief Executive Tim Cook pointedly placed the blame for cutting expectations for holiday-quarter revenue by billions of dollars on China and the iPhone. Hassett said once there is a bilateral trade deal, sales of Apple and other U.S. companies in China will recover.