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 … 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<\/p>\n <\/p>\n","protected":false},"excerpt":{"rendered":" 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":1,"featured_media":2805,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2],"tags":[],"class_list":["post-2804","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business"],"_links":{"self":[{"href":"https:\/\/thetradingdictionary.com\/index.php\/wp-json\/wp\/v2\/posts\/2804","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/thetradingdictionary.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/thetradingdictionary.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/thetradingdictionary.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/thetradingdictionary.com\/index.php\/wp-json\/wp\/v2\/comments?post=2804"}],"version-history":[{"count":0,"href":"https:\/\/thetradingdictionary.com\/index.php\/wp-json\/wp\/v2\/posts\/2804\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/thetradingdictionary.com\/index.php\/wp-json\/wp\/v2\/media\/2805"}],"wp:attachment":[{"href":"https:\/\/thetradingdictionary.com\/index.php\/wp-json\/wp\/v2\/media?parent=2804"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/thetradingdictionary.com\/index.php\/wp-json\/wp\/v2\/categories?post=2804"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/thetradingdictionary.com\/index.php\/wp-json\/wp\/v2\/tags?post=2804"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}