President Trump is scheduled to announce a major American manufacturing project with Apple, which has pledged an additional $100 billion investment to avoid tariffs imposed on India.
Trump levied an additional 25% tariff rate on India as a result of the country’s Russian oil purchases. India, a major hub for Apple manufacturing, currently faces 50% tariffs.
Apple CEO Tim Cook will join the President in the Oval Office for the announcement.
This comes after Apple announced in February that it will invest $500 billion in the U.S. and add 20,000 jobs over the next four years.
JUST IN: Trump Announces “Massive Deal” with Japan with 15% Reciprocal Tariffs – $550 Billion to be Invested with U.S. Receiving 90% of Profits
Additionally, Trump recently announced a trade deal with a massive $550 billion investment by Japan— also as a result of tariffs.
Per New York Post:
Apple said Wednesday that it will commit another $100 billion toward domestic manufacturing on Wednesday — as the Trump administration slapped steep tariffs on India, one of the main producers of its flagship iPhone.
The fresh investment over the next four years — on top of the $500 billion pledged earlier this year — will include funding aimed at boosting Apple’s capability to produce more of the critical components needed for its iPhones and other products within the US, Bloomberg reported, citing a White House official with knowledge of the plans.
“President Trump’s America First economic agenda has secured trillions of dollars in investments that support American jobs and bolster American businesses,” White House spokesperson Taylor Rogers said in a statement.
“Today’s announcement with Apple is another win for our manufacturing industry that will simultaneously help reshore the production of critical components to protect America’s economic and national security,” Rogers added.
Watch live below:
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