Apple CEO Tim Cook dinner, left, and President Donald Trump communicate to the press throughout a tour of the Flextronics pc manufacturing facility in Austin, Texas, the place Apple’s Mac Execs are assembled, Nov. 20, 2019.
Mandel Ngan | AFP | Getty Pictures
Apple CEO Tim Cook will be part of President Donald Trump on Wednesday for an occasion touting what the White Home calls a brand new $100 billion funding dedication by the tech big within the U.S.
The announcement within the Oval Workplace, set for 4:30 p.m. ET, contains Apple’s dedication to a brand new “American Manufacturing Program,” a White Home official confirmed to CNBC.
With the brand new pledge, Apple’s whole funding within the U.S. over the subsequent 4 years now totals $600 billion, the official mentioned.
Bloomberg first reported Apple’s new funding pledge earlier Wednesday.
The assembly comes as Trump has pushed Apple to make its merchandise in America — a feat that consultants say would jack up prices by lots of of {dollars}, if it may possibly even be achieved in any respect.
Most of Apple’s flagship iPhones have been manufactured in China, although the corporate is transferring a few of its manufacturing to India.
Trump has complained about that plan. “We’re not occupied with you constructing in India, India can care for themselves … we wish you to construct right here,” Trump mentioned he informed Cook dinner in Could.
On Wednesday, Trump introduced he’ll double the U.S. tariff rate on Indian goods to 50%. Trump mentioned he was elevating the tariff due to India persevering with to buy Russian oil.
Apple declined CNBC’s request for remark.
That is growing information. Please test again for updates.
— CNBC’s Steve Kovach contributed to this report.