Trump, Cook announce Apple investing another $100-billion in U.S. manufacturing
'This is a significant step toward the ultimate goal of ensuring that iPhones sold in the United States of America also are made in America,' Trump said at the press conference. 'Today's announcement is one of the largest commitments in what has become among the greatest investment booms in our nation's history.'
As part of the Apple AAPL-Q announcement, the investments will be about bringing more of its supply chain and advanced manufacturing to the United States as part of an initiative called the American Manufacturing Program, but it is not a full commitment to build its popular iPhone device domestically.
'This includes new and expanded work with 10 companies across America. They produce components – semiconductor chips included – that are used in Apple products sold all over the world, and we're grateful to the President for his support,' Cook said in a statement announcing the investment.
The new manufacturing partners include Corning, Coherent, Applied Materials, Texas Instruments and Broadcom among others.
Apple surpasses Wall Street expectations as iPhone sales soar
Apple had previously said it intended to invest US$500-billion domestically, a figure it will now increase to US$600-billion. Trump in recent months has criticized the tech company and Cook for efforts to shift iPhone production to India to avoid the tariffs his Republican administration had planned for China.
While in Qatar earlier this year, Trump said there was 'a little problem' with the Cupertino, California, company and recalled a conversation with Cook in which he said he told the CEO, 'I don't want you building in India.'
India has incurred Trump's wrath, as the president signed an order Wednesday to put an additional 25 per cent tariff on the world's most populous country for its use of Russian oil. The new import taxes to be imposed in 21 days could put the combined tariffs on Indian goods at 50 per cent.
Apple's new pledge comes just a few weeks after it forged a US$500 million deal with MP Materials, which runs the only rare earths producer in the country. That agreement will enable MP Materials to expand a factory in Texas to use recycled materials to produce magnets that make iPhones vibrate.
Apple signs $500-million rare earth magnet deal with MP Materials to bring supply home
Speaking on a recent investors call, Cook emphasized that 'there's a load of different things done in the United States.' As examples, he cited some of the iPhone components made in the U.S. such as the device's glass display and module for identifying people's faces and then indicated the company was gearing to expand its productions of other components in its home country.
'We're doing more in this country, and that's on top of having roughly 19 billion chips coming out of the U.S. now, and we will do more,' Cook told analysts last week, without elaborating.
News of Apple's latest investment in the U.S. caused the company's stock price to surge by nearly 6 per cent in Wednesday's midday trading. That gains reflect investors' relief that Cook 'is extending an olive branch' to the Trump administration, said Nancy Tengler, CEO of money manager Laffer Tengler Investments, which owns Apple stock.
Despite Wednesday's upturn, Apple's shares are still down by 14 per cent this year, a reversal of fortune that has also been driven by the company's botched start in the pivotal field of artificial intelligence.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Globe and Mail
11 minutes ago
- Globe and Mail
Should You Buy The Trade Desk Stock After Its 40% Crash Post-Earnings? Wall Street Says This Will Happen Next.
Key Points The Trade Desk stock plummeted nearly 40% following its second-quarter financial report as investors reacted to slowing revenue growth and tariff uncertainty. The Trade Desk's independent business model has helped the company forge important partnerships across the connected TV and retail advertising landscape. Wall Street expects adjusted earnings to increase at 14% annually through 2026, which makes the current valuation of 31 times adjusted earnings look tolerable. 10 stocks we like better than The Trade Desk › The Trade Desk (NASDAQ: TTD) had its worst day as a public company on Friday, Aug. 8. Shares dropped nearly 40% as investors processed second-quarter financial results, the departure of CFO Alex Kayyal, and a cautious outlook due to tariff uncertainty. Most Wall Street analysts think the market overreacted. The Trade Desk still has a median target price of $80 per share, which implies 48% upside from its current share price of $54. However, forecasts range from $45 per share at the low end (implying 17% downside) to $135 per share at the high end (implying 150% upside). Where to invest $1,000 right now? Our analyst team just revealed what they believe are the 10 best stocks to buy right now. Continue » Here's what investors should know before buying the post-earnings dip. The Trade Desk's independence differentiates it from Amazon, Google, and Meta Platforms The Trade Desk operates the leading independent demand-side platform (DSP), a type of adtech software that helps media buyers plan, measure, and optimize advertising campaigns across digital channels. Its platform leans on artificial intelligence to help clients manage budgets, customize bids, and dynamically target consumers. The Trade Desk's independence -- meaning it does not own media content that might bias ad spending on its platform -- distinguishes it from larger competitors, such as Alphabet 's Google, Meta Platforms, and Amazon. Those companies have a clear incentive to steer media buyers toward their own ad inventory on websites like Google Search and Instagram, which creates a conflict of interest. In other words, The Trade Desk is more transparent. The company's independence has allowed it to form a number of critical partnerships. It sources ad inventory from streaming platforms Netflix, Roku, Walt Disney, and Spotify. It sources data from retailers Albertsons, Target, and Walmart. That creates opportunities brands cannot find on other platforms, such that The Trade Desk has become a leader in connected TV (CTV) advertising and a formidable player in retail advertising. Importantly, the company has consistently taken market share in digital advertising, and CEO Jeff Green believes that trend will continue for the foreseeable future. That sets The Trade Desk up for solid growth in years to come. Adtech spending is projected to increase at 14% annually through 2030, according to Grand View Research. The Trade Desk reported slowing growth in the second quarter and gave weak guidance that unsettled investors Despite the sharp decline in the stock, The Trade Desk actually reported reasonably good second-quarter financial results that beat estimates on the top and bottom lines. Revenue rose 19% to $694 million, and non-GAAP (generally accepted accounting principles) net income jumped 5% to $0.41 per diluted share. "With our leadership in CTV as well as other areas such as retail media, digital audio, identity, measurement, and data, we are winning more business," said CEO Jeff Green. Nevertheless, investors were clearly concerned about slowing growth, particularly because larger competitors delivered stronger results. Meta Platforms and Amazon said advertising revenue increased 21% and 23%, respectively, in the second quarter. The Trade Desk has historically outpaced its largest rivals, so the latest report raises questions about its ability to do so in the future. That is particularly true because the company provided weak guidance for the third quarter. Management says revenue will increase by 14% to $717 million, and adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) will increase 8% to $277 million. But newly appointed CFO Laura Schenkein said actual results could be worse if tariff uncertainty leads to a less favorable economic environment. That gloomy outlook caused the stock to plunge nearly 40% following the report. Bank of America analyst Jessica Ehrlich downgraded the stock to hold and slashed her target price to $55 per share (down from $130 per share). She still thinks The Trade Desk's revenue will increase at a double-digit pace in the future, but no longer believes a premium valuation is justified because the company is losing momentum. MoffettNathanson also downgraded the stock to sell for similar reasons, slashing its target price to $45 per share. What Wall Street expects from The Trade Desk in the coming quarters The Trade Desk's second-quarter report raised questions about its ability to grow revenue faster than 20% annually, and Wall Street analysts are clearly divided on the issue. The company reorganized its sales team earlier this year after missing its own guidance in the fourth quarter for the first time in 33 quarters. Growth could reaccelerate as those changes improve workflows, especially once tariff uncertainty dissipates. Regardless, Wall Street currently estimates The Trade Desk's adjusted earnings will increase by 14% annually through 2026. That forecast makes the current valuation of 31 times adjusted earnings look tolerable, and it leaves room for upside if the company manages a material reacceleration in sales growth in the future. To that end, patient investors should consider buying the stock on the post-earnings dip. Should you invest $1,000 in The Trade Desk right now? Before you buy stock in The Trade Desk, consider this: The Motley Fool Stock Advisor analyst team just identified what they believe are the 10 best stocks for investors to buy now… and The Trade Desk wasn't one of them. The 10 stocks that made the cut could produce monster returns in the coming years. Consider when Netflix made this list on December 17, 2004... if you invested $1,000 at the time of our recommendation, you'd have $653,427!* Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you'd have $1,119,863!* Now, it's worth noting Stock Advisor's total average return is 1,060% — a market-crushing outperformance compared to 182% for the S&P 500. Don't miss out on the latest top 10 list, available when you join Stock Advisor. See the 10 stocks » *Stock Advisor returns as of August 4, 2025 Bank of America is an advertising partner of Motley Fool Money. Trevor Jennewine has positions in Amazon, Roku, and The Trade Desk. The Motley Fool has positions in and recommends Alphabet, Amazon, Meta Platforms, Netflix, Roku, Spotify Technology, Target, The Trade Desk, Walmart, and Walt Disney. The Motley Fool has a disclosure policy.
CBC
42 minutes ago
- CBC
Carney says Canada's trade with U.S. is mostly tariff-free. But that's not the whole story
It's become a common refrain when Canadian politicians are asked about retaliatory measures or negotiations in the ongoing trade war: 85 per cent of Canada's trade with the U.S. is "tariff-free." Prime Minister Mark Carney said as much on Tuesday and again on Friday, when pressed for information about his next salvo in the dispute with the U.S. after President Donald Trump imposed 35 per cent tariffs on Canadian goods that aren't compliant with the Canada-U.S.-Mexico Agreement (CUSMA). "We're in a situation right now where 85 per cent of our trade with the United States is tariff-free," Carney told reporters at a news conference in Trenton, Ont., on Friday. But "85 per cent" only roughly describes Canada's exports to the U.S. which have the potential to qualify for exemptions under CUSMA — not the proportion of exports that is actually spared from Trump's tariffs. Citing that percentage alone understates the costs Canadian businesses are facing as Trump imposes more tariffs, argues Tyler Meredith, founding partner of the policy-based public affairs firm Meredith Boessenkool & Phillips. U.S. Census Bureau data shows that last year, only about 38 per cent of U.S. imports from Canada were traded under CUSMA provisions. Data on how many Canadian companies are CUSMA-compliant is not readily available. An analysis of the effect of tariffs by the Yale Budget Lab published on Thursday assumed that 50 per cent of Canada's exports to the U.S. are now certified. Meredith says applying for CUSMA exemptions can be a daunting process for small businesses. But he said that faced with higher tariffs, they may be considering either taking on the costs of certification — or looking at markets beyond the U.S. "We are one of the most trade-dependent on the United States of any developed country," said Meredith, a former economic adviser to the Trudeau government. "If the consequence is that trade overall falls, as we are seeing now in the data, that's going to be a cost that we disproportionately bear relative to other countries." Prior to Trump's tariffs, Canadian exporters could trade with the U.S. under Most Favoured Nation (MFN) status. That allowed them to trade with very low tariffs — or none at all — without registering for preferential treatment under CUSMA. All World Trade Organization (WTO) members, such as Canada, have MFN status when trading with each other. How do Canadian goods get preferential treatment? Products are certified CUSMA-compliant if they meet the agreement's rules of origin. Their eligibility is determined on a case-by-case basis since they must meet product-specific requirements. A certain amount of the product needs to be made in Canada with Canadian inputs to qualify for an exemption. Steve Mallia, owner of Starfield Optics, a Toronto-based manufacturer of telescopes and accessories, said registering his small business for CUSMA benefits "wasn't a priority" until Trump began threatening Canada's sovereignty and economy in January. "We saw our orders dry up literally overnight so we knew we had to make a change," said Mallia, who runs the business with his wife Natalie. His only other employees are a part-time bookkeeper and a chartered accountant, he said. In the past eight months, Mallia has been researching the process for claiming preferential treatment under CUSMA — without the same legal resources as a large corporation. The experience has made him feel that "the little guy" is being forgotten by the Canadian government during the trade war, he said. "This is the part that takes up a lot of time and costs money," Mallia said. "The last thing I want is to ship something and then, you know, customs gets ahold of [the product] and they go, 'You know what? He didn't use the right colour ink.'" Since March, more Canadian exporters reported that they would absorb tariff costs or raise prices than apply for relief through Canada's remission program, according to a report published in July by the Canadian Federation of Independent Business (CFIB). In exceptional circumstances, the federal program grants companies relief from the payment of tariffs applied as of March 4 on products from the U.S. or issues refunds for tariffs already paid. The federation, which advocates for the interests of small businesses, surveyed its members about the actions they have taken to mitigate risks during the trade war. Why not fire back with more counter-tariffs? Carney was asked on Tuesday whether he would retaliate against the U.S. with a new tariff rate, days after failing to reach a deal by the Aug. 1 deadline. "We've always said we will apply tariffs where they had the maximum impact on the United States and minimum impact in Canada," he said. Unlike most countries subjected to Trump's tariffs, Canada has a comprehensive trade agreement with the United States in CUSMA. U.S. tariffs kick in for dozens of countries, sparking protests, outrage 2 days ago More than 60 countries were hit with U.S. President Donald Trump's latest wave of tariffs on Thursday. Despite global backlash and signs his own economy is taking a hit, Trump continues to promise even steeper tariffs ahead. The country is also one of few to have retaliated against the U.S. in response to Trump's economic disruption, a step Canada took before the U.S. targeted virtually all of its global trade. Wednesday, Trump threatened to hit goods imported from India with a total of 50 per cent tariffs, citing New Delhi's continued purchases of Russian oil. And Trump imposed tariffs on dozens of countries' exports last week through an executive order. Tariffs now vary between 10 per cent for the U.K. and 41 per cent on war-torn Syria. That same order brought the total tariff rate of Brazil — Latin America's largest economy — to a staggering 50 per cent.
Globe and Mail
3 hours ago
- Globe and Mail
HighPeak Energy, Inc. Announces 2025 Second Quarter Earnings Release and Conference Call Dates
FORT WORTH, Texas, July 28, 2025 (GLOBE NEWSWIRE) -- HighPeak Energy, Inc. (NASDAQ: HPK) ('HighPeak Energy'), today announced that it plans to release its 2025 second quarter financial and operating results after the close of trading on Monday, August 11, 2025. HighPeak Energy will host a conference call and webcast on Tuesday, August 12, 2025 at 10:00 a.m. Central Time for investors and analysts to discuss its 2025 sceond quarter financial results and operational highlights. Participants may register for the call here. Access to the live audio-only webcast and replay of the earnings release conference call may be found here. A live broadcast of the earnings conference call will also be available on HighPeak Energy's website at under the 'Investors' section of the website. About HighPeak Energy, Inc. HighPeak Energy is a publicly traded independent oil and natural gas company, headquartered in Fort Worth, Texas, focused on the acquisition, development, exploration and exploitation of oil and natural gas reserves in the Midland Basin in West Texas. For more information, please visit our website at Source: HighPeak Energy, Inc.
