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Engadget
26 minutes ago
- Engadget
Apple to invest another $100 billion into the US to avoid tariffs
Apple plans to invest an additional $100 billion in the US, the company announced on Wednesday. The investment follows President Donald's Trump's previously announced plans to raise tariffs on India by an additional 25 percent (bringing the total tariff to 50 percent) for purchasing oil from Russia. Apple relies heavily on manufacturers in India to create the iPhone, so adding to its already $500 billion investment in the US is likely a way to avoid being impacted by the tariffs. "Today, we're proud to increase our investments across the United States to $600 billion over four years and launch our new American Manufacturing Program," Apple CEO Tim Cook shared in a statement. "This includes new and expanded work with 10 companies across America. They produce components that are used in Apple products sold all over the world, and we're grateful to the President for his support." In a statement to Bloomberg before the announcement, a White House spokesperson suggested the new investment would "help reshore the production of critical components to protect America's economic and national security." The Trump administration has previously called for Apple to make the iPhone in the US, something CNN reports is difficult to downright impossible. In February, Apple said it's original $500 billion investment plan would go towards building Apple Intelligence servers in the US, and that the majority of the new jobs the funding would provide would be focused on R&D, silicon engineering, software development and AI and machine learning. As part of this additional investment, Apple says it's deepening relationships with components makers in the US, like Corning, Coherent and Amkor. Apple's current strategy for dealing with Trump is similar to how it handed the President during his first term. In 2019, Apple CEO Time Cook and Trump "opened" a Mac Pro factory in Texas. The factory had been up-and-running since 2013, but the President was pleased by the optics of making a deal. Apple is a trillion-dollar company that can afford to spend a few billion avoiding tariffs, but it also likely planned to increase investment in the US anyway to keep up with competitors like Google and Microsoft. Its entirely possible the company is just packaging its spending in a way that flatters the President's ego. Developing...
Yahoo
an hour ago
- Yahoo
Trump claims Japan to import F-150s amid US tariff deal uncertainty
US President Donald Trump has reportedly said that Japan is set to begin importing Ford's F-150 pickup trucks, signalling a potential misunderstanding between the two nations regarding the specifics of a trade agreement proclaimed last month, according to Bloomberg. Tokyo's chief negotiator, Ryosei Akazawa, embarked on a trip to Washington with the intention of urging the Trump administration to honour its commitment to lower tariffs on automobiles and auto parts to 15% from the current 27.5%. Akazawa told reporters, 'It's worth noting that the US-UK agreement took 54 days to be implemented,' when discussing the anticipated reduction in auto tariffs upon his arrival in Washington. Speaking of Japan in a phone interview broadcast by CNBC, Trump stated: 'They're taking our cars. They're taking the very beautiful Ford F-150, which does very well. And I'm sure we'll do very well there and other things that do very well here, will also do well there.' The trade deal between the nations has been shrouded in uncertainty, raising concerns in Japan about its execution, especially concerning autos. The Trump administration's narrative on trade agreements has frequently been at odds with that of its trade partners, leading to questions about the agreements' effectiveness. Currently, the US imposes a 27.5% tariff on Japanese autos, a figure that combines an earlier 2.5% rate with a new 25% introduced by Trump. Although a reduction to 15% would alleviate some pressure, this rate would still affect the sector that is central to the Japanese economy. Optimism in Asian markets was evident as Akazawa made his ninth visit to the US, with Japan's Topix Index climbing 1%, buoyed by gains from automakers such as Toyota Motor. A point of contention remains whether the proposed 15% tariff will be an additional charge on top of current tariffs or if all current levies will be standardised to 15%, marking another potential area of misunderstanding between the two countries' interpretations of the trade deal. Despite Akazawa's assertion that tariffs will be capped at 15% and not added to existing rates, a recent executive order suggested that the 15% reduction would only apply to the European Union, not to Japan. Trump has often expressed frustration over the lack of popularity of US cars in Japan, but many experts believe this is due to the absence of models suited to the Japanese market, rather than trade barriers. The Ford F-150 mentioned by Trump may limit its practicality on Japan's narrower roads, where many are less than four metres wide for two lanes, as per government data from 2012. In the CNBC interview, Trump likened the $550bn investment package agreed upon with Japan in the trade deal to a "signing bonus". However, the Japanese have clarified that only a small fraction of this amount will constitute actual investment, with the remainder being loans and loan guarantees. Japan's Prime Minister Shigeru Ishiba has stated that these investments, driven by private companies, will serve the interests of both countries. "Trump claims Japan to import F-150s amid US tariff deal uncertainty – report" was originally created and published by Just Auto, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Sign in to access your portfolio
Bloomberg
an hour ago
- Bloomberg
Apple Surge Boots S&P 500, Nasdaq
Comprehensive cross-platform coverage of the U.S. market close on Bloomberg Television, Bloomberg Radio, and YouTube with Romaine Bostick, Vonnie Quinn, Carol Massar and Matt Miller. (Source: Bloomberg)
