Apple CEO Tim Cook was planning to visit the White House Wednesday to announce another $100 billion investment in domestic manufacturing from the big tech giant, following President Donald Trump’s tariff threats.
This marks another huge economic win for the Trump administration following several trade deals — including his recent agreement with the European Union — that have triggered market growth and increased consumer confidence.
The EU deal will see European nations purchase $750 billion worth of American energy products and invest an additional $600 billion into other U.S. endeavors.
Apple’s investment will include a new manufacturing program “designed to bring more of Apple’s supply chain to the U.S., with an eye toward assembling additional critical components domestically,” according to a White House official who spoke with Bloomberg, on condition of anonymity.
“President Trump’s America First economic agenda has secured trillions of dollars in investments that support American jobs and bolster American businesses,” White House spokeswoman Taylor Rogers said in a statement.
She added, “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.”
This comes after Apple announced earlier this year that it plans to spend $500 billion in the U.S. over the next four years.
In a February statement, Cook said, “We are bullish on the future of American innovation, and we’re proud to build on our long-standing U.S. investments with this $500 billion commitment to our country’s future.
“From doubling our Advanced Manufacturing Fund, to building advanced technology in Texas, we’re thrilled to expand our support for American manufacturing,” he continued. “And we’ll keep working with people and companies across this country to help write an extraordinary new chapter in the history of American innovation.”
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Restoring manufacturing power in America is critical to the long-term stability of our economy. It also follows through on Trump’s promise to bolster the middle class.
His tariff strategy is proving to be the best path toward revamping our nation’s industrial sector that we’ve seen in years.
Apple shares were reportedly up nearly 3.6 percent Wednesday, the most in almost three months, according to Bloomberg.
Though it isn’t the full transference of production to the United States that Trump was hoping for, it’s a start.
The commander in chief had been threatening for months to impose heavy tariffs of as much as 25 percent if Apple didn’t start producing the iPhone inside the U.S.
Around 20 percent of iPhones are assembled in India, a country that has yet to hammer out a trade deal with the White House.
A Wednesday CNBC report detailed how Trump hiked tariffs on India up to 50 percent — from the original 25 percent — via executive order for unspecified penalties over oil imports from Russia.
In addition to Apple, Trump has closed several other big tech deals for billions of dollars. Back in April, NVIDIA pledged to produce $500 billion of AI infrastructure in the U.S. over four years, for the first time ever.
In addition, Trump made a deal with Japan that includes “over $550 billion in a new Japanese/USA investment vehicle and enhanced access for American exports.”
“This agreement marks a new chapter in bilateral cooperation — one that will unleash the full potential of the U.S. economy, strengthen vital supply chains, and support American workers, communities, and businesses for decades to come,” a White House statement read.
Not to mention OpenAI, Oracle, and Softbank pledging to invest $500 billion in AI infrastructure over the next four years as well. And there are dozens more examples listed on the White House website.
The president’s policies are working. The economy is humming. Businesses and nations alike are bringing commerce back to America, and it’s quite a sight to see.
Considering the Biden administration left the nation on life support, it’s nothing short of miraculous that so much has been accomplished in such a short amount of time.
America is back!
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