Apple’s $1,000 iPhone is a tough sell to Chinese consumers jittery over an economic slump and the trade war with Washington.

CEO Tim Cook told shareholders Wednesday that iPhone demand is waning, mainly in China. That makes the tech giant the latest global company grappling with Chinese consumer anxiety.

Other brand names from Ford Motor Co. to jeweler Tiffany & Co. already have reported abrupt declines in sales to Chinese consumers.

China’s 2018 economic growth is forecast at about 6.5 percent. But China’s tariff fight with the U.S. and tumbling auto and real estate sales are undermining consumer confidence.

The spending slump in the world’s second-largest economy is a blow to global industries from autos to designer clothing that are counting on China to drive revenue growth.

In this Dec. 6, 2018, photo, a woman runs past a Apple logo colored red in Beijing, China. Apple Inc. (AP Photo/Ng Han Guan)
In this Dec. 6, 2018, photo, a woman runs past a Apple logo colored red in Beijing, China. Apple Inc. (AP Photo/Ng Han Guan)
A man leaves an Apple store in Beijing, Thursday, Jan. 3, 2019. Apple Inc.’s $1,000 iPhone is a tough sell to Chinese consumers who are jittery over an economic slump and a trade war with Washington. (AP Photo/Andy Wong)
A man leaves an Apple store in Beijing, Thursday, Jan. 3, 2019. Apple Inc.’s $1,000 iPhone is a tough sell to Chinese consumers who are jittery over an economic slump and a trade war with Washington. (AP Photo/Andy Wong)
A trade-in for iPhone XR promotion board is displayed as an Apple employee waits for customer at its retail store in Beijing, Thursday, Jan. (AP Photo/Andy Wong)
A trade-in for iPhone XR promotion board is displayed as an Apple employee waits for customer at its retail store in Beijing, Thursday, Jan. (AP Photo/Andy Wong)
Chinese men walk past the Apple logo in Beijing, China, Thursday, Jan. 3, 2019. Apple Inc.’s $1,000 iPhone is a tough sell to Chinese consumers who are jittery over an economic slump and a trade war with Washington. (AP Photo/Ng Han Guan)
Chinese men walk past the Apple logo in Beijing, China, Thursday, Jan. 3, 2019. Apple Inc.’s $1,000 iPhone is a tough sell to Chinese consumers who are jittery over an economic slump and a trade war with Washington. (AP Photo/Ng Han Guan)
Customers visit an Apple store in Beijing, China, Thursday, Jan. 3, 2019. Apple Inc.’s $1,000 iPhone is a tough sell to Chinese consumers who are jittery over an economic slump and a trade war with Washington. (AP Photo/Ng Han Guan)
Customers visit an Apple store in Beijing, China, Thursday, Jan. 3, 2019. Apple Inc.’s $1,000 iPhone is a tough sell to Chinese consumers who are jittery over an economic slump and a trade war with Washington. (AP Photo/Ng Han Guan)

Source: The Associated Press

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