The big picture here is not whether this ruling is just. It's that China has protectionist impulses, and that if Apple is to maintain the kind of volume of smartphone sales that propelled it to its 2015 valuation, it needs China. And China may be inclined to throw up a bunch of nasty speedbumps in its way.<p>That said, there's plenty of value in Apple selling iPhones at the rate necessary to maintain the mostly saturated markets in the West, so don't get myopically focused on China.