Apple promises $100 billion in additional investment

Tech giant Apple pledged $100 billion in additional investment in the United States on Wednesday at a White House event alongside the US president, who hopes iPhones will eventually be manufactured in the country.

"We are committing to an additional $100 billion in investments in the United States, bringing our total investment in the country to $600 billion over four years," said Tim Cook, CEO of the California-based group, from the Oval Office. He also announced the launch of a program aimed at manufacturing "strategic components found in Apple products around the world" in the United States.

"Already this year, American manufacturers are on track to manufacture 19 billion chips for Apple in 24 factories across 12 states," continued Tim Cook, adding that investments in artificial intelligence (AI) would also increase. "We will continue to invest here in America. We will continue to hire in America," he told President Donald Trump.

Since his return to power, he has significantly raised customs duties on products entering the United States, in particular to encourage manufacturers to stay or return to the United States.

He also announced at the same event that he wanted to implement a 100% surcharge on imported chips and semiconductors, without giving a date. "But the good news for companies like Apple is that if you build (factories) in the United States or are committed to doing so, you won't have to pay," he continued.

The head of state, faced with growing skepticism among Americans about the economy, hailed "Apple's largest investment in America and the world." "This is an important step toward the ultimate goal of seeing iPhones sold in the United States of America, made in America," Donald Trump said.

The investment announcement was leaked in advance to the media and confirmed to AFP earlier in the day by a senior White House official.

For Nancy Tengler, director of the investment firm Laffer Tengler, Apple's announcement was like an "olive branch" extended by her boss Tim Cook, after Donald Trump extensively criticized the company for its iPhone production outside the United States.

Apple has long assembled the majority of its iPhones at subcontractors in China. Since 2018, in the face of rising trade tensions between the two countries, the company has gradually shifted some of its production to India.

In early May, Tim Cook said he expected "the majority of iPhones sold in the United States" during the current quarter to come from India. Donald Trump then threatened to impose "at least 25%" tariffs on Apple if the company did not bring its factories back home.

“Cook has successfully navigated these unprecedented waters, proving he is 10% politician and 90% CEO,” Wedbush analyst Dan Ives said Wednesday. “He will leverage his strong international connections to ensure more peaceful times in Cupertino, despite concerns about Apple’s growth as Trump recommits to an ‘America First’ approach and tariff hikes,” he added.

On the New York Stock Exchange, Apple shares closed up 5.09% at $213.25.

The American president is banking on protectionism to reindustrialize the United States. But the colossal figures he puts forward—for example, he mentioned a total of $10 trillion—are difficult to verify, according to experts, because they combine concrete investment projects, announcements dating from before his return to power, and more or less vague long-term promises.

A Morning Consult/The Century Foundation poll released July 31 shows that 83% of Americans are concerned about the cost of food, and 48% would struggle to cover an unexpected $500 expense—such as a medical bill or emergency home repair.

In the same poll, 61% of respondents believe that Donald Trump's decisions have had a negative impact on the cost of living, and 76% are worried about a possible recession.