A report says that Trump will shortly make an announcement from the White House claiming that Apple will spend a further $100 billion on US manufacturing over the next four years.
Apple has so far not confirmed the announcement, which would bring its total domestic spending promise to $600 billion …
Bloomberg reports on what appears to be advance sight of a White House press release.
President Donald Trump will announce that Apple Inc. will commit to spend another $100 billion on domestic manufacturing, the latest pledge by the tech giant to increase US production of its products as it seeks to avoid punishing tariffs on its flagship iPhones […] Wednesday’s announcement will bring Apple’s cumulative commitment to $600 billion, the White House said.
There are no details as to what would be manufactured in the US. Previous plans announced by Apple include server manufacturing and a manufacturing academy in Michigan.
Trump has previously argued that Apple could build iPhones in the US using robots, but insiders have rejected this, given a lack of both manufacturing expertise and workforce in the country.
Apple said in last week’s earnings call that import tariffs have so far cost it an additional $800 million. It expects a further $1.1 billion in tariff costs in the following quarter. Since then, however, Trump has threatened further tariffs on imports from India, which could cost Apple around $10 billion a year.
The company’s stock price jumped 3.5% on the news, likely because appeasing Trump is seen as improving the company’s prospects in future tariff announcements.
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