President Trump is set to announce that Apple will invest $100 billion in manufacturing in the United States in an effort to increase domestic production and avoid tariffs, a White House official told The Hill.
The president will make the announcement at 4:30 p.m. EDT in the Oval Office.
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, the official said.
“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 development, which will bring Apple’s investment in the U.S. to $600 billion this year.
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.
Apple CEO Tim 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 reciprocal tariffs.
Apple is also attempting to compete with other tech giants on artificial intelligence (AI) 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.
