By Marcus Nkire
Apple CEO Tim Cook joined President Donald Trump in the Oval Office on Wednesday to announce an increase in the company’s U.S. investment from $500 billion to $600 billion over the next four years. The tech giant also launched a new initiative, the American Manufacturing Program, aimed at expanding domestic production.
The announcement comes amid ongoing trade tensions and growing pressure from Trump for Apple to shift manufacturing away from China and India to the U.S. Apple faces over $1 billion in additional costs this quarter due to tariffs on imports, particularly electronics and semiconductors.
“We obviously try to optimize our supply chain, and ultimately we will do more in the United States,” Cook said.
Apple shares rose 5% following the announcement.
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