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Apple sales shock points to the rot in US economy

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Last week’s sales warning from Apple is a timely metaphor for what’s going wrong with the global economy right now. It might provide some insight into the world’s two biggest superpowers going head to head, bruising global growth in the process, but the US-China trade spat is only part of the story.

Apple’s fall from grace is a deeper symptom of changing times as the mantle of global economic power passes from old to new. China is on the way up and, unless US policymakers wake up to this new reality, it could soon be game over for corporate America. President Donald Trump’s vision of “America first” will end up a disastrous folly.

Without a doubt, the world is changing and Apple is definitely feeling the pinch. Apple is one of the brightest jewels in America’s corporate crown but is fast losing its allure. It is a symptom of the US pricing itself out of world markets as the strong dollar and benign neglect take their toll.

It is a reflection, too, of US corporate arrogance losing touch with consumers. Apple might manufacture world-beating products, but not at any price. China’s growth rate may be slowing, but the nation is finding its feet making home-generated products that its consumers want. In a highly........

© South China Morning Post