Tim Cook, CEO of Apple, joined Donald Trump at the White House on Wednesday to announce the technology company’s commitment to increase its investments in US manufacturing by an additional $ 100 billion during the next four years.
“This is an important step towards the ultimate goal of ensuring that the iPhone that was sold in the United States of America is also made in America,” Trump said at the press conference. “Today’s announcement is one of the largest obligations in what has become among the greatest investment mutations in our nation’s history.”
As part of the Apple Declaration, investments will revolve around bringing more supply and advanced manufacturing chain to the United States as part of an initiative called the American Manufacturing Program – but it is not a full commitment to building a locally famous iPhone.
“This includes a new and expanded business with 10 companies across America. It produces components – semiconductor chips listed – used in Apple products sold worldwide, and we are grateful to the president to support him,” Cook said in a statement announced by investment.
Among the new manufacturing partners, Corning, coherent, applied materials, Texas tools and Broadcast, among other things.
Apple had previously said it was aimed at investing $ 500 billion at the local level, which will now increase to $ 600 billion. In recent months, Trump has criticized the technology company and cooking the efforts to transfer iPhone to India to avoid the definitions that have been planned for his republican administration to China.
Trump tensions with India
While he was in Qatar earlier this year, Trump said that there was a “small problem” with Cuperno, California, and I remembered a conversation with Cook in which he said that he told the CEO, “I do not want you to build in India.”
US President Donald Trump is calling for Apple and other smart phone makers their phones in the United States or a 25 percent tariff.
India incurred Trump’s anger, as the president signed an order on Wednesday to put an additional tariff of 25 percent on the world’s most populated population for use of Russian oil. The new import taxes that will be imposed within 21 days can put the common definitions of Indian goods by 50 percent.
The new Apple pledge comes just a few weeks after the formulation of an American deal worth $ 500 million with MP materials, which runs the only Earth Rare product in the United States and that will enable the MP materials to expand a factory in Texas to use recycled materials to produce magnets that make iPhone vibrate.
Speaking of a recent investor call, Cook stressed that “there is a group of different things that have been made in the United States.” For example, he cited some of the iphone components that were made in the United States, such as the width of the glass and the stereotype of the device to determine the faces of people, then indicated that the company was preparing to expand its products from other components in its country of origin.
“We are doing more effort in this country, in addition to the presence of nearly 19 billion chips that come out of the United States now, and we will do more,” Cook told analysts last week.
The recent Apple investments in the United States have increased the company’s share price by five percent in the mid -day trade on Wednesday. These gains reflect the relief of investors that Cook “extends to the olive branch” to the Trump administration.
Despite the rise of Wednesday, Apple shares have still decreased by 15 percent this year, a reflection of the wealth that was also driven by the failed start of the company in the field of axial artificial intelligence.
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