Tim Cook dinner to Seem With Trump on the White Home as Apple Declares $100 Billion Funding

Apple CEO Tim Cook dinner will be part of President Donald Trump on the White Home Wednesday afternoon to announce a brand new $100 billion pledge to put money into the USA, in accordance with a report from CNBC. Dubbed the “American Manufacturing Program,” Cook dinner’s look comes on the identical day that Trump has pledged to lift tariffs on items from India to 50%, although it’s nonetheless unclear if Apple’s items manufactured in that nation will probably be exempt from the traditionally excessive fee.

“At the moment’s announcement with Apple is one other win for our manufacturing business that can concurrently assist reshore the manufacturing of essential elements to guard America’s financial and nationwide safety,” a White Home spokesperson informed Bloomberg in an announcement.

Apple has shifted extra of its manufacturing to India lately. That shift has had a measurable affect on the smartphone market within the U.S., making India the supply of most telephones bought within the U.S. for the primary time as of final week, in accordance with Bloomberg. Apple’s opponents, like Samsung, have additionally been transferring manufacturing out of China. Many different electronics made by Apple, together with MacBooks, iPads and Apple Watches, at the moment are made in Vietnam.

Cook dinner mentioned on an earnings name that “the overwhelming majority” of iPhones bought within the U.S. come from India, however that might not be sufficient for Trump, who needs these telephones constructed within the U.S. The president mentioned back in May, “I had a bit of downside with Tim Cook dinner yesterday. I mentioned to him, ‘My buddy, I handled you excellent. You’re coming right here with $500 billion, however now I hear you’re constructing throughout India.’ I don’t need you constructing in India.”

Apple introduced a brand new $500 billion funding within the U.S. in April, and this new $100 billion dedication will probably be on prime of that, in accordance with Bloomberg. However Apple doesn’t plan on manufacturing any iPhones within the U.S., one thing that little doubt irks the president, who needs all the things to be made in America. Trump has beforehand threatened a 25% tariff on all telephones imported from different international locations.

Members of the Trump regime have obtained criticism for imagining a world the place all the things is produced within the U.S., like when Commerce Secretary Howard Lutnick appeared on Face the Nation the weekend after Trump’s “Liberation Day” tariff announcement in April.

Lutnick additionally appeared to counsel that many of the jobs coming again to the U.S. could be for robots and was ridiculed in a collection of AI movies displaying People in sweatshops. However the Commerce Secretary later insisted the roles wouldn’t simply be for robots.

Trump signed an govt order slapping India with a further 25% tariff as punishment for getting Russian oil, which is scheduled to take impact later this month. That’s on prime of one other 25% tariff on Indian items that can begin Thursday. Trump has mentioned he’s making an attempt to punish international locations which are doing enterprise with Russia in an effort to cease the warfare in Ukraine. However to this point, nothing has modified, and it’s unclear whether or not including a whopping 25% tariff on India will do something to finish that battle.