The White House says Apple will commit to spending another $100 billion on domestic manufacturing — the iPhone maker's latest move to avoid punishing tariffs. Bloomberg's Tom Giles explains what this announcement means and what is still unknown on “Bloomberg Tech.
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Apple (AAPL) CEO Tim Cook is expected to join President Donald Trump at the White House later Wednesday to unveil a $100 billion pledge from the iPhone maker in U.S. manufacturing, according to a White House official.
Apple shares climbed ahead of an Oval Office event where the company will announce plans to spend and invest more in the U.S. CEO Tim Cook will join President Donald Trump for the event.
Amid tariffs, Apple is expected to announce shifting more of its supply chain to domestic assembly, at a White House event.
Apple Inc (NASDAQ:AAPL, ETR:APC) shares jumped almost 6% on reports that the company will announce an additional $100 billion in US manufacturing commitments this afternoon. This latest move to ramp up its domestic production and avoid potential tariffs will bring Apple's total planned investment in the US over the next four years to $600.
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Light on details, the iPhone-maker's pledge is seen by the market as a way to avoid tariff impact.
While Apple is unlikely to start making iPhones in the U.S., investors seem to think that increased manufacturing commitments more generally could help secure better tariff treatment.
Exciting days are ahead for Apple (NASDAQ: AAPL), as the company gears up for a new $100 billion investment in U.S. manufacturing in an attempt to ramp up domestic production and sidestep potential tariffs.
Apple will commit another $100 billion toward domestic manufacturing on Wednesday – a move that comes as the Trump administration slaps steep tariffs on India.
The pledge was a “significant acceleration” of the company's plan for more production in the United States, according to a White House statement.