Apple Commits $100 Billion To Expand US Manufacturing Amid Trade Policy Shifts
The company is collaborating with Corning Inc. to manufacture 100% of the cover glass for its devices at Corning's facility in Harrodsburg, Kentucky, a $2.5 billion project marking the first time all Apple device cover glass will be produced domestically. Additionally, Apple has partnered with Samsung Electronics to use its semiconductor plant in Austin, Texas, to produce chips for upcoming devices.
This announcement coincides with the Trump administration's imposition of a 100% tariff on chip imports. However, companies investing heavily in U.S. manufacturing, such as Apple, have been granted exemptions from these tariffs, encouraging reshoring of production.
According to a Reuters report, Apple's increased domestic investment aims to strengthen the U.S. manufacturing base amid shifting trade dynamics.
The company detailed its expanded manufacturing plans on its official newsroom website, outlining the collaboration with Corning to produce all iPhone and Apple Watch cover glass in Kentucky (apple.com).
Analysts caution, however, that while this investment is significant, it does not signal a full reshoring of iPhone assembly to the U.S., which remains logistically and economically challenging, as noted in a Business Insider analysis.
Market reactions were positive, with Apple's stock rising 5.1% after the announcement, according to MarketWatch, reflecting investor optimism about the company's commitment to U.S. manufacturing.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Int'l Business Times
16 hours ago
- Int'l Business Times
Coinbase Stock Pulls Back 30% After July Peak, Analysts Split on Outlook
Coinbase (COIN) is down more than 30% from its July highs, but analysts aren't ready to declare the rally over. Mizuho Financial — once openly skeptical of the stock — just raised its price target from $217 to $267, pointing to a rebound in July trading volumes after a sluggish Q2. "While trading volumes were underwhelming this quarter, July has seen a rebound... reflecting improving market activity," – Mizuho analyst note, August 2025 The firm kept its neutral rating, noting that consumer spot trading fell 45% and transaction revenue dropped 39% last quarter. Trump's Stablecoin Law Sparked the Summer Rally Much of COIN's July surge followed President Donald Trump's signing of the GENIUS Act, the first U.S. federal law establishing a framework for stablecoins. The legislative win fueled optimism and helped Coinbase secure a spot in the S&P 500. But the momentum didn't last. After spiking mid-July, COIN reversed course and now trades well below Mizuho's revised target of $267. Citi analysts remain far more bullish, hiking their target from $270 to $505 on expectations that regulatory clarity and rising Bitcoin prices will drive long-term growth. Q2 Earnings Show Strength in Institutional Trading In Q2, Coinbase reported $1.43 billion in net income, up from $66 million last quarter and just $36 million a year ago. Trading volume hit $237 billion, up slightly from $226 billion in Q2 2024, but the bulk came from institutional clients rather than retail. Data Context: Retail Cooling, Capital on the Sidelines According to CoinGlass, ERC-20 token activity in Coinbase custody wallets has slowed, signaling weaker altcoin demand. However, stablecoin inflows into Coinbase-linked wallets remain steady, suggesting capital is parked and ready to deploy if market sentiment improves. DeFi Llama data shows that overall stablecoin market cap has held near yearly highs, indicating that cash reserves in crypto remain robust despite the pullback in speculative trading. Bottom Line: Pullback or Reset? Between Trump's stablecoin law, July's volume rebound, and strong institutional flows, Coinbase still has long-term tailwinds. The recent drop may be more of a cooldown than a collapse — but for now, COIN is clearly running in a lower gear. If you want, I can now also give you three high-CTR, SEO-optimized titles for this that will make it blog-ready for maximum clicks. That will help this piece perform well in search and social. Would you like me to prep those next?
Int'l Business Times
19 hours ago
- Int'l Business Times
Trump Says Court Halt Of Tariffs Would Cause 'Great Depression'
US President Donald Trump warned Friday of cataclysmic consequences on the US economy if a court rules that his imposition of sweeping tariffs constitutes an illegal power grab. If a "Radical Left Court" strikes down the tariffs, "it would be impossible to ever recover, or pay back, these massive sums of money and honor," he wrote on his Truth Social platform. "It would be 1929 all over again, a GREAT DEPRESSION!" he said. Trump's hyperbolic statements come as a US appeals court weighs the legality of his broad use of emergency powers to enact sweeping tariffs on trading partners. A lower court ruled against Trump in May, but the US Court of Appeals for the Federal Circuit put the ruling on hold as it considers the case. Trump on Friday touted billions of dollars in tariff revenue "pouring" into the Treasury -- paid by US importers -- and recent stock market records, as proof his levies had created "the largest amount of money, wealth creation and influence the U.S.A. has ever seen." Many economists meanwhile worry the tariffs are stoking inflation and see trade policy uncertainty as slowing investment. Since returning to the White House in January, Trump has announced a slew of new tariffs, seeking to force a reordering of global trade that he has long claimed is biased against the United States. In addition to sweeping tariffs invoked under declarations of economic emergencies, he has also instituted sectoral tariffs of between 25 percent and 50 percent on steel and other items. Those levies have generally followed government investigations and are not at issue in the pending litigation. At a July 31 hearing, members of the appeals court appeared skeptical of the Trump administration's arguments that it had broad discretion to declare national economic emergencies and invoke tariffs as a remedy. To invoke his so-called "reciprocal" tariffs on many US trade partners, Trump declared a national emergency over "large and persistent annual US goods trade deficits." Opponents to the White House policy have argued that such a reason does not qualify under the law Trump has cited for the tariffs, the International Emergency Economic Powers Act. They also argue that levying blanket tariffs on imports requires the consent of Congress under the US Constitution. The case is likely to end up in the Supreme Court, where conservatives enjoy a 6-3 majority, though analysts say the outcome is uncertain.
Int'l Business Times
21 hours ago
- Int'l Business Times
Putin Taps Key Allies Ahead Of Trump Summit, Sanctions Deadline
Russian President Vladimir Putin on Friday held consultations with the leaders of China and India, seeking support from his key allies ahead of a likely summit with Donald Trump. The calls came hours before a deadline from the US president on Moscow to halt its Ukraine offensive or face crippling new economic sanctions, expected to target Russia's key trading partners. Both Washington and Moscow have confirmed a Putin-Trump meeting is set to take place, possibly as early as next week. Trump has spent his first months in office trying to broker peace in Ukraine after boasting he could end the conflict in 24 hours -- but his efforts so far have failed to yield a breakthrough. He also wants countries such as China and India to cut their purchases of Moscow's oil and gas, a key source of revenue that Kyiv and the West say funds its army. Trump earlier this week hiked tariffs on India over its purchases of Russian oil, which have surged since February 2022 when Moscow launched its campaign. The Kremlin said Friday that Putin had updated Chinese President Xi Jinping on "the main results of his conversation" with US special envoy Steve Witkoff who visited Moscow earlier this week. Xi expressed support for a "long-term" solution to the conflict, the Kremlin said. China's Xinhua state news agency quoted Xi as having told Putin: "China is glad to see Russia and the United States maintain contact, improve their relations, and promote a political settlement of the Ukraine crisis." Moscow and Beijing have deepened political, economic and military ties since Russia's offensive. China has portrayed itself as a neutral party in the conflict, but never denounced the offensive or called for Russia to withdraw. Putin also spoke by phone to India's Prime Minister Narendra Modi, after both countries condemned the new US tariffs over New Delhi's oil purchases. "Had a very good and detailed conversation with my friend President Putin. I thanked him for sharing the latest developments on Ukraine," Modi posted on social media. Neither side elaborated on what had been discussed. Xi and Modi have both tried to tout their own peace initiatives for Ukraine, though they have gained little traction. Trump's deadline for Russia to strike a peace deal or face new sanctions -- expected to target its trading partners -- was set to pass later on Friday. Asked by reporters in the Oval Office if that deadline still held despite the upcoming summit, Trump did not give a clear answer. "It's going to be up to (Putin)," Trump said. "We're going to see what he has to say." Three rounds of talks between Russia and Ukraine have failed to yield a breakthrough and it remains unclear whether a summit would bring peace any closer. On the streets of Moscow expectations were also low. "Hope for the best, prepare for the worst," Irina, a 57-year-old lawyer, told AFP. "To be honest, I have no hopes," she added. Putin has resisted multiple calls from the United States, Europe and Kyiv for a ceasefire. He has also ruled out holding talks with Volodymyr Zelensky at this stage, a meeting the Ukrainian president says is necessary to make headway on a deal. Tens of thousands of people have been killed since Russia launched its offensive, with millions forced to flee their homes in eastern and southern Ukraine.
