Volkswacht Bodensee - Apple to hike investment in US to $600 bn over four years

Trump announced the increased commitment at the White House alongside the tech giant's CEO Tim Cook, calling it "the largest investment Apple has made in America."

"Apple will massively increase spending on its domestic supply chain," Trump added, highlighting a new production facility for the glass used to make iPhone screens in Kentucky.

In February, Apple said it would spend more than $500 billion in the United States and hire 20,000 people, with Trump quickly taking credit for the decision.

It builds on plans announced in 2021, when the company founded by Steve Jobs said it would invest $430 billion in the country and add 20,000 jobs.

"This year alone, American manufacturers are on track to make 19 billion chips for Apple in 24 factories across 12 different states," Cook said in the Oval Office.

Trump, who has pushed US companies to shift manufacturing home by slapping tariffs on trading partners, claimed that his administration was to thank for the investment.

"This 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.

Cook later clarified that, while many iPhone components will be manufactured in the United States, the complete assembly of iPhones will still be conducted overseas.

"If you look at the bulk of it, we're doing a lot of the semiconductors here, we're doing the glass here, we're doing the Face ID module here... and we're doing these for products sold elsewhere in the world," Cook said.

He gifted Trump a custom-engraved glass piece made by iPhone glassmaker Corning, set in a 24-karat gold base.

Cook said the Kentucky-made glass piece was designed by a former Marine Corps corporal now working at Apple.

After receiving it, Trump said it was "nice" that "we're doing these things now in the United States, instead of other countries, faraway countries."

- 'They're coming home' -

Trump has repeatedly said he plans to impose a "100 percent" tariff on imported semiconductors, a major export of Taiwan, South Korea, China and Japan.

"We're going to be putting a very large tariff on chips and semiconductors," he told reporters at the White House.

Taiwanese giant TSMC -- the world's largest contract maker of chips, which counts Nvidia and Apple among its clients -- would be "exempt" from those tariffs as it has factories in the United States, Taipei said Thursday.

While he did not offer a timetable for enactment of the new tech levies, on Tuesday, he said fresh tariffs on imported pharmaceuticals, semiconductors and chips could be unveiled within the coming week.

The United States is "going to be very rich and it's companies like Apple, they're coming home," Trump said.

Trump specified further that "Apple will help develop and manufacture semiconductors and semiconductor equipment in Texas, Utah, Arizona and New York."

He noted that if tech companies commit to manufacturing their wares in the United States, "there will be no charge."

Apple reported a quarterly profit of $23.4 billion in late July, topping forecasts despite facing higher costs due to Trump's sweeping levies.

H.Weber--VB