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Apple CEO Tim Cook will join President Donald Trump in the Oval Office Wednesday for an announcement touting an update to the company’s plan to invest in U.S. manufacturing.
The iPhone maker will raise its previous U.S. investment, made in February, from $500 billion to $600 billion over the next four years, the company said in a release.
The company also announced a new manufacturing effort called the American Manufacturing Program, the official said.
Apple shares rose 5% during trading on Wednesday.
Cook has had a mixed relationship with Trump over the past year. While Trump has praised the Apple CEO in the past, in recent months he has said he has a “problem” with the executive and has pushed for Apple to assemble its iPhones in the U.S., not China or India.
Apple faces over $1 billion in increased costs this quarter because of Trump’s tariffs on imports, primarily related to China. Also, Cook reminded investors during its earnings call Aug. 31 that “the vast majority” of its products would be subject to new tariffs under a Section 232 investigation, a kind of pending tariff on semiconductors that Apple says will hit the company.
“We obviously try to optimize our supply chain, and ultimately we will do more in the United States,” Cook said.
Apple YTD stock chart.
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