Apple to pledge $100 billion for US manufacturing, White House official says
· CNA · JoinRead a summary of this article on FAST.
Get bite-sized news via a new
cards interface. Give it a try.
Click here to return to FAST Tap here to return to FAST
FAST
WASHINGTON :Apple Inc will announce a domestic manufacturing pledge of $100 billion on Wednesday that will focus on bringing more manufacturing to the United States, a White House official said.
The pledge would be a new financial commitment, the official said on the customary condition of anonymity. It comes as President Donald Trump pursues an aggressive tariff and trade agenda aimed at moving some manufacturing back into the United States.
Apple said in February it would spend $500 billion in U.S. investments in the next four years that will include a giant factory in Texas for artificial intelligence servers while adding about 20,000 research and development jobs across the country.
Apple did not immediately respond to requests for comment.
Subscribe to our Chief Editor’s Week in Review
Our chief editor shares analysis and picks of the week's biggest news every Saturday.
This service is not intended for persons residing in the E.U. By clicking subscribe, I agree to receive news updates and promotional material from Mediacorp and Mediacorp’s partners.
Loading
Trump's tariffs cost Apple $800 million in the June quarter and spurred some customers to buy iPhones in late spring this year. Apple has been shifting production of products bound for the U.S., sourcing iPhones from India and other products such as Macs and Apple Watches from Vietnam.
The ultimate tariff rates many Apple products could face remain in flux, and many of its products are currently exempt.
"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 spokeswoman Taylor Rogers said in a statement.
The previously announced $500 billion in expected spending from Apple includes everything from purchases from U.S. suppliers to U.S. filming of television shows and movies for its Apple TV+ service.
Nancy Tengler, CEO and CIO of Laffer Tengler Investments, which holds Apple shares, said the announcement would be a "savvy solution to the president's demand that Apple manufacture all iPhones in the U.S.
"The stock is up on the news, likely a relief rally that (Apple CEO Tim) Cook, who has been largely mute in response to the attacks on the company, is extending an olive branch."
Earlier, White House economic adviser Kevin Hassett told Fox Business Network that Apple was likely to make an investment announcement on Wednesday, as he discussed the financial pledges made by companies and countries under Trump.
Newsletter
Week in Review
Subscribe to our Chief Editor’s Week in Review
Our chief editor shares analysis and picks of the week's biggest news every Saturday.
Sign up for our newsletters
Get our pick of top stories and thought-provoking articles in your inbox
Get the CNA app
Stay updated with notifications for breaking news and our best stories
Get WhatsApp alerts
Join our channel for the top reads for the day on your preferred chat app