Trump says he talked to Apple CEO Tim Cook dinner after China tariff rollback

President Donald Trump stated Monday that he talked to Apple CEO Tim Cook dinner after the U.S. and China agreed to suspend most tariffs for 90 days.

Wall Road and Apple buyers cheered the pause on Chinese tariffs. Apple inventory was up 6% in buying and selling on Monday, versus 3% for the Nasdaq.

“I spoke to Tim Cook this morning, and he will, I feel, even up his numbers,” Trump stated within the Oval Workplace. “$500 billion, he will be constructing numerous crops in america for Apple. And we sit up for that.”

Apple beforehand stated in February it will spend $500 billion to develop a lot of its operations within the U.S., together with assembling synthetic intelligence servers in Houston.

Any cooling of a U.S.-China commerce battle is predicted to spice up Apple, which does the vast majority of its gadget manufacturing within the nation, and likewise counts the area as its third-largest by gross sales.

Nonetheless, it isn’t clear how a lot Monday’s announcement instantly helped Apple.

In April, most of Apple’s vital merchandise, resembling smartphones and computer systems, acquired exemptions on a few of the highest 145% tariffs, however there are nonetheless 30% tariffs on Chinese language imports even after Sunday’s deal. Apple nonetheless faces 10% tariffs in a few of its secondary manufacturing areas, resembling India and Vietnam.

The Trump administration desires Apple to carry gadget manufacturing, together with iPhone manufacturing, to the U.S., a transfer that many consultants imagine can be unlikely and costly.

Earlier this month, Cook dinner informed buyers in regards to the firm’s tariff technique on an earnings name. He stated Apple is at the moment sourcing American-bound merchandise from manufacturing areas in Vietnam and India, however didn’t wish to speculate past June, calling the state of affairs “difficult to predict.”

An Apple spokesperson declined to remark.