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Apple CEO Tim Cook will be part of President Donald Trump within the Oval Office Wednesday for an announcement touting an replace to the corporate’s plan to invest in U.S. manufacturing.
The iPhone maker will elevate its earlier U.S. investment, made in February, from $500 billion to $600 billion over the following 4 years, the corporate mentioned in a launch.
The firm additionally introduced a brand new manufacturing effort known as the American Manufacturing Program, the official mentioned.
Apple shares rose 5% throughout buying and selling on Wednesday.
Cook has had a combined relationship with Trump over the previous yr. While Trump has praised the Apple CEO up to now, in current months he has mentioned he has a “problem” with the manager and has pushed for Apple to assemble its iPhones within the U.S., not China or India.
Apple faces over $1 billion in elevated prices this quarter due to Trump’s tariffs on imports, primarily associated to China. Also, Cook reminded traders throughout its earnings name Aug. 31 that “the vast majority” of its merchandise could be topic to new tariffs underneath a Section 232 investigation, a form of pending tariff on semiconductors that Apple says will hit the corporate.
“We obviously try to optimize our supply chain, and ultimately we will do more in the United States,” Cook mentioned.
Apple YTD inventory chart.