Apple CEO Tim Cook is scheduled to join President Donald Trump at the White House on Wednesday to announce a significant expansion of the company’s investment in the United States.
According to a White House official, Apple will increase its four-year domestic spending commitment from $500 billion to $600 billion. The announcement, scheduled for 4:30 p.m. ET, is also expected to include the launch of a new initiative called the American Manufacturing Program.
News of the planned announcement appeared to boost investor confidence, with Apple shares rising 5% during Wednesday’s trading.
The meeting follows a period of mixed relations between Cook and the Trump administration. President Trump has previously criticized the CEO while urging Apple to move its iPhone assembly from China and India to the U.S.
This pressure comes as Apple faces over $1 billion in additional costs this quarter due to the administration’s tariffs on Chinese imports. During an August 31 earnings call, Cook also noted that a separate, pending tariff investigation could affect the “vast majority” of Apple’s products.
“We obviously try to optimize our supply chain, and ultimately we will do more in the United States,” Cook stated on the call.
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