Trump announces Apple's plan to invest 100bn in US manufacturing

Donald Trump on Wednesday celebrated a commitment by Apple to increase its investments in US manufacturing by an additional 100bn over the next four years. Apple's plan to up its domestic investment comes as it seeks to avoid Trump's threatened tariffs, which would increase the tech giant's costs as it relies on a complex international supply chain to produce its iPhones. Apple's CEO, Tim Cook, warned during an earnings call in May that the tariffs could cost the company up to 900m that fiscal quarter alone. After Cook gifted Trump a US-made souvenir with a 24-karat gold base at the Oval Office on Wednesday, the president praised the corporation, telling reporters: "Companies like Apple, they're coming home … This is a significant step toward the ultimate goal of ensuring that iPhones sold in America also are made in America." Cook said many components of the iPhones are already made domestically, including glass, semiconductors and face ID, but that final assembly of the devices would remain overseas "for a while".