Trump announces $600B Apple investment in US manufacturing

President Trump announced Apple will invest an additional $100 billion in manufacturing in the United States in an effort to increase domestic production and avoid tariffs, joined by Apple CEO Tim Cook in the Oval Office on Wednesday. This raises its investment to $600 billion.

“This is the largest investment Apple has ever made in America or anywhere else. And it’s just an honor to have you. As you know, Apple has been an investor in other countries a little bit— I won’t say which ones, but a couple— and they’re, they’re coming home,” Trump said.

Trump called the Apple investment a “significant step towards the ultimate goal of ensuring that iPhones sold in the United States of America are also made in America.”

The announcement includes the launch of the American Manufacturing Program, which would be dedicated to bringing more of Apple’s supply chain to the U.S. and involves the tech giant incentivizing other companies to manufacture more critical components domestically, a White House official said.

Trump said that investments will create more than 20,000 new American jobs and thousands of other jobs at Apple’s suppliers, like Samsung and Corning.

Cook, in the Oval Office, showed off a glass dish made in Kentucky, which was designed by a former Marine who works at Apple, that sits on a 24-karat gold base. He set it up on the Resolute Desk as a gift for Trump.

Cook announced that every new iPhone and Apple Watch sold anywhere in the world will contain cover glass made in Kentucky.

“We’re doing things in the United States instead of other countries. Far away countries,” Trump said.

The president then touted other private sector investments into U.S. manufacturing, including Nvidia, Micron Technology, IBM and SoftBank.

“President Trump’s America First economic agenda has secured trillions of dollars in investments that support American jobs and bolster American businesses. 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 said in a statement.

Bloomberg first reported on the added investment.

In February, Apple announced it would spend $500 billion in the U.S. over the next four years, including building a new factory in Texas.

Cook met with Trump at the White House in May, after which Trump threatened to hit the company with 25 percent tariffs if it did not move its manufacturing to the U.S. 

Cook earlier this week said he expected the company would face $1.1 billion in tariff-related costs next quarter, on top of $800 million from the previous three-month period.

Apple, which has long manufactured most of its products in China, has been hit hard by Trump’s tariffs. It has increasingly sought to diversify its supply chain by moving some production to India and Vietnam, but those countries also have been hit with tariffs.

Apple is also attempting to compete with other tech giants on artificial intelligence and Cook said Thursday that there are plans to “significantly” expand its investments in the technology, while also underscoring the company is “very open” to mergers and acquisitions that “accelerates our road map.” 

Trump is also expected to level industry-specific tariffs on products that use semiconductor chips this month.

Updated at 5:34 p.m. EDT