Trump announces Apple investing another USD 100 billion in US manufacturing

Apple CEO Tim Cook joined President Donald Trump at the White House on Wednesday to announce a commitment by the tech company to increase its investment in US manufacturing by an additional USD 100 billion over the next four yearsThis is a significant step toward the ultimate goal of ensuring that iPhones sold in the United States of America also are made in America Trump said at the press conference Todays announcement is one of the largest commitments in what has become among the greatest investment booms in our nations historyAs part of the Apple announcement the investments will be about bringing more of its supply chain and advanced manufacturing to the United States as part of an initiative called the American Manufacturing Programme but it is not a full commitment to build its popular iPhone device domesticallyThis includes new and expanded work with 10 companies across America They produce components semiconductor chips included that are used in Apple products sold all over the world and were grateful to the President for his support Cook said in a statement announcing the investment The new manufacturing partners include Corning Coherent Applied Materials Texas Instruments and Broadcom among othersApple had previously said it intended to invest USD 500 billion domestically a figure it will now increase to USD 600 billion Trump in recent months has criticised the tech company and Cook for efforts to shift iPhone production to India to avoid the tariffs his Republican administration had planned for China While in Qatar earlier this year Trump said there was a little problem with the Cupertino California company and recalled a conversation with Cook in which he said he told the CEO I do not want you building in IndiaIndia has incurred Trumps wrath as the president signed an order on Wednesday to put an additional 25 per cent tariff on the worlds most populous country for its use of Russian oil The new import taxes to be imposed in 21 days could put the combined tariffs on Indian goods at 50 per centApples new pledge comes just a few weeks after it forged a USD 500 million deal with MP Materials which runs the only rare earths producer in the country That agreement will enable MP Materials to expand a factory in Texas to use recycled materials to produce magnets that make iPhones vibrateSpeaking on a recent investors call Cook emphasised that there is a load of different things done in the United States As examples he cited some of the iPhone components made in the US such as the devices glass display and module for identifying peoples faces and then indicated the company was gearing to expand its productions of other components in its home countryWe are doing more in this country and that is on top of having roughly 19 billion chips coming out of the US now and we will do more Cook told analysts last week without elaboratingNews of Apples latest investment in the US caused the companys stock price to surge by 5 per cent in Wednesdays midday trading That gain reflects investors relief that Cook is extending an olive branch to the Trump administration said Nancy Tengler CEO of money manager Laffer Tengler Investments which owns Apple stockDespite Wednesdays upturn Apples shares are still down by 15 per cent this year a reversal of fortune that has also been driven by the companys botched start in the pivotal field of artificial intelligenceThis story has been sourced from a third party syndicated feed agencies Midday accepts no responsibility or liability for its dependability trustworthiness reliability and data of the text Midday managementmiddaycom reserves the sole right to alter delete or remove without notice the content in its absolute discretion for any reason whatsoever