Donald Trump announces Apple's massive investment in the US, credits tariff policy for manufacturing shift
Trump revealed that he recently met with Apple's CEO, Tim Cook, who confirmed that he will be making a massive investment in the country
President Donald Trump on Friday announced that tech giant Apple is planning to invest "hundreds of billions of dollars" in the United States, labelling the move an outcome of his administration’s tariff policies in bolstering the American economy.
Speaking at a meeting with the US governors, Trump revealed that he recently met with Apple's CEO, Tim Cook, who, according to the president, confirmed that he will be making a massive investment in the country.
"Yesterday I had Tim Cook in the office from Apple, he's investing hundreds of billions of dollars. That's what he told me. Now he has to do it," Trump said at the gathering organised at the White House.
Also Read | Apple's Tim Cook quietly enjoys sandwiches at New Orleans restaurant without being recognised
Meanwhile, Cook, the chief executive of the Silicon Valley tech giant, has not yet announced any such investment.
Apple to move manufacturing from Mexico to US: Trump
According to President Donald Trump, Cook, during their meeting at The White House, also promised him that Apple's manufacturing would shift from Mexico to the US.
Cook “stopped two plants in Mexico” and will build products in the US instead, Trump said on Friday.
“They don’t want to be in the tariffs,” Trump said.
Also Read | Donald Trump calls $21 million USAID fund to India ‘kickback scheme’, sparks fresh BJP vs Cong war
Boasting it as a testament to his tariff policy success, Trump, without giving any names, said that many more companies are also planning to make greater investments in the United States.
"We're going to have a lot of chip makers coming in and a lot of automakers coming in," he said, suggesting that at least one company had halted plans to build two plants in Mexico. It was not immediately clear which company he was referring to.
"They're going to build here instead because they don't want to pay the tariffs," he said.
Also Read | Donald Trump's tariff strategy leaves WTO powerless amid global trade tensions
Trump has wielded tariffs -- customs duties on imported goods -- as a trade weapon, slapping 10 per cent levies on goods from China and threatening them on products including semiconductors, cars and pharmaceuticals.
His administration argues the higher costs will encourage companies to manufacture in the United States instead. Critics argue that tariffs could raise prices for consumers.
