Apple CEO Tim Cook will join President Donald Trump on Wednesday for an event touting what the White House calls a new $100 billion investment commitment by the tech giant in the U.S.<\/p>\n
The announcement in the Oval Office, set for 4:30 p.m. ET, includes Apple\u2019s commitment to a new \u201cAmerican Manufacturing Program,\u201d a White House official confirmed to CNBC.<\/p>\n
With the new pledge, Apple\u2019s total investment in the U.S. over the next four years now totals $600 billion, the official said.<\/p>\n
Bloomberg first reported Apple\u2019s new investment pledge earlier Wednesday.<\/p>\n
The meeting comes as Trump has pushed Apple to make its products in America \u2014 a feat that experts say would jack up prices by hundreds of dollars, if it can even be done at all.<\/p>\n
Most of Apple\u2019s flagship iPhones have been manufactured in China, though the company is moving some of its production to India.<\/p>\n
Trump has complained about that plan. \u201cWe\u2019re not interested in you building in India, India can take care of themselves \u2026 we want you to build here,\u201d Trump said he told Cook in May.<\/p>\n
On Wednesday, Trump announced he will double the U.S. tariff rate on Indian goods to 50%. Trump said he was raising the tariff because of India continuing to purchase Russian oil.<\/p>\n
Trump had exempted smartphones, chips and other tech products from his early April \u201creciprocal\u201d tariff plan, which slapped a 10% baseline duty on nearly the entire world and set significantly higher rates for dozens of individual countries.<\/p>\n
That exemption still applied as of this week, following Trump\u2019s executive order tweaking U.S. tariffs on a slew of countries.<\/p>\n
And it appears to remain intact in Trump\u2019s latest order ratcheting up tariffs on imports from India.<\/p>\n
Apple declined CNBC\u2019s request for comment.<\/p>\n
\u2014 CNBC\u2019s Steve Kovach contributed to this report.<\/em><\/p>\n\n Apple CEO Tim Cook will join President Donald Trump on Wednesday for an event touting what the White House calls a new $100 billion investment commitment by the tech giant in the U.S. The announcement in the Oval Office, set for 4:30 p.m. ET, includes Apple\u2019s commitment to a new \u201cAmerican Manufacturing Program,\u201d a White <\/p>\n","protected":false},"author":0,"featured_media":36560,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[23],"tags":[],"class_list":{"0":"post-36559","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-business"},"_links":{"self":[{"href":"https:\/\/americanfinancecore.com\/index.php\/wp-json\/wp\/v2\/posts\/36559","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/americanfinancecore.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/americanfinancecore.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/americanfinancecore.com\/index.php\/wp-json\/wp\/v2\/comments?post=36559"}],"version-history":[{"count":0,"href":"https:\/\/americanfinancecore.com\/index.php\/wp-json\/wp\/v2\/posts\/36559\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/americanfinancecore.com\/index.php\/wp-json\/wp\/v2\/media\/36560"}],"wp:attachment":[{"href":"https:\/\/americanfinancecore.com\/index.php\/wp-json\/wp\/v2\/media?parent=36559"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/americanfinancecore.com\/index.php\/wp-json\/wp\/v2\/categories?post=36559"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/americanfinancecore.com\/index.php\/wp-json\/wp\/v2\/tags?post=36559"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}