Topline
President Donald Trump on Wednesday will announce another $100 billion investment by Apple to expand manufacturing in the U.S., the White House told Forbes, adding to a $500 billion commitment announced earlier this year by Tim Cook featuring plans for a new factory in the country and tens of thousands of new jobs.
Trump’s announcement will include a new “American Manufacturing Program” that would bring more of Apple’s supply chain into the U.S., with plans to manufacture critical components domestically, a White House official told Forbes in a statement.
Cook announced plans in February for Apple’s $500 billion investment that included a doubling of its “Advanced Manufacturing Fund” to $10 billion, building a factory in Houston and a training facility in Michigan while adding 20,000 new jobs.
Shares of Apple rose more than 3% to around $210 after the company’s latest U.S. investment was first reported by Bloomberg.
Apple did not immediately respond to a request for comment.
Trump is scheduled to announce details of Apple’s investment at 4:30 p.m. EDT, according to CNBC. Cook is expected to join Trump for the event.
“Today’s announcement with Apple is another win for our manufacturing industry that will simultaneously help reshore the production of critical components to protect America’s economic and national security,” White House spokesperson Taylor Rogers told Forbes in a statement.
Trump on Wednesday said he would double the U.S. tariff rate on India to 50% because the country continues to purchase Russian oil. In a call last week with analysts, Cook said a “vast majority” of iPhones sold in the U.S. come from India, noting Apple would “obviously try to optimize our supply chain” and “ultimately, we will do more in the United States.” In May, Trump wrote on Truth Social that he “long ago” told Cook he expected Apple’s iPhones to be manufactured in the U.S., “not India, or anyplace else.” Trump warned Apple would pay a 25% tariff unless the company shifted its production domestically.
This is a developing story.