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Tech giant Apple is poised to announce a new investment of $100 billion in U.S. facilities as early as today, the White House said on Wednesday.
National Economic Council director Kevin Hassett said on FOX Business Network’s “Mornings with Maria” that companies are “moving here in droves, which is why we’ve got trillions and trillions of dollars of commitments for people to build new factories here. In fact, you’re likely to see one today from Apple.”
The White House said that the announcement will include an additional $100 billion investment by Apple, which will bring the company’s planned U.S. investments over the next four years to a new total of $600 billion.
Additionally, a White House official confirmed to Fox News that Apple CEO Tim Cook will be in attendance for Wednesday’s announcement.
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Apple is set to announce an additional $100 billion investment in the U.S., bringing its total commitment announced this year to $600 billion. (Photographer: Michael Nagle/Bloomberg via Getty Images / Getty Images)
“President Trump’s America First economic agenda has secured trillions of dollars in investments that support American jobs and bolster American businesses,” said White House spokesperson Taylor Rogers. “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.”
The announcement is expected to include a new American Manufacturing Program (AMP) that is dedicated to bringing more of Apple’s supply chain and advanced manufacturing to the U.S.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| AAPL | APPLE INC. | 214.59 | +11.67 | +5.75% |
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Through the AMP, Apple plans to increase its investment in the U.S. and incentivize global firms to manufacture more critical components in the U.S.
The White House has touted Apple as supporting over 450,000 jobs through its network of thousands of suppliers and partners across all 50 states.
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President Donald Trump has worked with Apple CEO Tim Cook to boost the tech giant’s investments in the U.S. (Mandel Ngan/AFP via Getty Images) / Getty Images)
Earlier this year, Apple announced its $500 billion investment in U.S. manufacturing and innovation over the next five years.
The February announcement included the construction of an advanced artificial intelligence (AI) server manufacturing facility near Houston. It also included plans to double Apple’s Advanced Manufacturing Fund from $5 billion to $10 billion.
Apple also announced plans to establish an Apple Manufacturing Academy in Detroit, along with hiring 20,000 new employees with focuses on research and development (R&D), silicon engineering, AI and machine learning.
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The California tech giant also said it planned to expand its teams and facilities in several states, including Michigan, Texas, California, Arizona, Nevada, Iowa, Oregon, North Carolina and Washington.
Fox News’ Jacqui Heinrich and Andrea Margolis contributed to this report.
