President Trump plans to announce a $100 billion investment from Apple aimed at boosting domestic production and steering clear of tariffs.
The announcement is scheduled for 4:30 PM in the Oval Office.
This initiative marks the launch of an American manufacturing program. It features significant incentives for technology aimed at bringing Apple’s supply chain to the U.S. and prompts other companies to increase domestic production of essential components.
“The First American Economic Agenda under President Trump has secured trillions in investments that bolster American employment and fortify American businesses. Today’s news with Apple is another win for the manufacturing sector while simultaneously reshoring the production of critical components to enhance America’s economic and national security,” a statement said.
This development, which was first reported by Bloomberg, brings Apple’s total U.S. investment for the year to $600 billion.
Earlier this year, Apple announced a commitment to invest $500 billion in the U.S. over the next four years, which includes plans for a new factory in Texas.
In a meeting with Trump at the White House back in May, Apple CEO Tim Cook mentioned that the company anticipates facing $1.1 billion in tariff-related expenses in the upcoming quarter, in addition to $800 million in the past three months.
Historically, Apple has manufactured most of its products in China and has faced challenges due to Trump’s tariffs. They are trying to diversify their production by relocating some operations to India and Vietnam, although those countries are also experiencing tariff issues.
Additionally, Apple aims to enhance its competitive stance against other tech giants in the artificial intelligence (AI) field. Cook indicated plans for a “significant” increase in investment within this sector, adding that the company is “very open” to mergers and acquisitions that could “accelerate our road maps.”
Trump is also anticipated to adjust tariffs related to specific industries involving semiconductor chips later this month.
