Apple CEO Tim Cook speaks during the Apple Worldwide Developers Conference in Cupertino, California, June 9, 2025.
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Apple shares popped 5% on Wednesday, ahead of an Oval Office event touting an update to the company’s stated plans to spend and invest in the U.S.
CEO Tim Cook will join President Donald Trump for the announcement, scheduled for 4:30 p.m. ET.
Apple will raise its previous commitment, made in February, from $500 billion to $600 billion over the next four years, a White House official told CNBC.
It will also announce a new manufacturing effort called the American Manufacturing Program, the official said.
Cook has had a mixed relationship with Trump over the past year. While Trump has praised the Apple CEO in the past, in recent months he has said he has a “problem” with the executive and has pushed for Apple to assemble its iPhones in the U.S., not China or India.
Apple faces over $1 billion in increased costs this quarter because of Trump’s tariffs on imports, primarily related to China. Also, Cook reminded investors during its earnings call Aug. 31 that “the vast majority” of its products would be subject to new tariffs under a Section 232 investigation, a kind of pending tariff on semiconductors that Apple says will hit the company.
“We obviously try to optimize our supply chain, and ultimately we will do more in the United States,” Cook said.
Apple YTD stock chart.
