Palestinian lives lost in the pursuit of food aid in Gaza, in photos
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Reuters
3 minutes ago
- Reuters
Trump announces $100 billion new investment pledge from Apple
WASHINGTON, Aug 6 (Reuters) - President Donald Trump announced on Wednesday that Apple (AAPL.O), opens new tab will invest an additional $100 billion in the United States, a move which will expand the company's domestic investment commitment and could help it sidestep potential tariffs on iPhones. The new pledge brings Apple's total investment commitment in the U.S. to $600 billion. Earlier this year, the company had announced it would invest $500 billion and hire 20,000 workers across the country over the next four years. The announcement centers on expanding Apple's supply chain and advanced manufacturing footprint in the U.S., but still falls short of Trump's demand that Apple begin making iPhones domestically. "Companies like Apple, they're coming home. They're all coming home," Trump told reporters in the Oval Office, moments after Apple CEO Tim Cook gave him a U.S.-made souvenir with a 24-karat gold base. "This is a significant step toward the ultimate goal of ensuring that iPhones sold in America also are made in America," Trump added. Asked if Apple could eventually build entire iPhones in the U.S., Cook noted that many components such as semiconductors, glass and Face ID modules are already made domestically, but said that final assembly will remain overseas "for a while." While the investment pledge is significant, analysts say the numbers align with Apple's typical spending patterns and echo commitments made during both the Biden administration and Trump's previous term. In May, Trump had threatened Apple with a 25% tariff on products manufactured overseas, a sharp reversal from earlier policy when his administration had exempted smartphones, computers and other electronics from rounds of tariffs on Chinese imports. Trump's effort to reshape global trade through tariffs cost Apple $800 million in the June quarter. "Today is a good step in the right direction for Apple, and it helps get on Trump's good side after what appears to be a tension-filled few months in the eyes of the Street between the White House and Apple," said Daniel Ives, an analyst with Wedbush Securities. Apple has a mixed track record when it comes to following through on investment promises. In 2019, for instance, Cook toured a Texas factory with Trump that was promoted as a new manufacturing site. But the facility had been producing Apple computers since 2013 and Apple has since moved that production to Thailand. Apple continues to manufacture most of its products, including iPhones and iPads, in Asia, primarily in China, although it has shifted some production to Vietnam, Thailand and India in recent years. Despite political pressure, analysts widely agree that building iPhones in the U.S. remains unrealistic due to labor costs and the complexity of the global supply chain. "The announcement is a savvy solution to the president's demand that Apple manufacture all iPhones in the U.S.," said Nancy Tengler, CEO and CIO of Laffer Tengler Investments, which holds Apple shares. Partners on Apple's latest U.S. investment effort include specialty glass maker Corning (GLW.N), opens new tab, semiconductor manufacturing equipment supplier Applied Materials (AMAT.O), opens new tab, and chipmakers Texas Instruments (TXN.O), opens new tab, GlobalFoundries (GFS.O), opens new tab, and Broadcom (AVGO.O), opens new tab. Apple shares closed up 5% on Wednesday. Shares of Corning rose nearly 4% in extended trading, while Applied Materials gained almost 2%.
The Guardian
5 minutes ago
- The Guardian
Trump plans 100% tariffs on chips but spares companies ‘building in US'
Donald Trump said he would impose a 100% tariff on computer chips, likely raising the cost of electronics, autos, household appliances and other goods deemed essential for the digital age. 'We'll be putting a tariff on of approximately 100% on chips and semiconductors,' Trump said in the Oval Office while meeting with Apple CEO Tim Cook. 'But if you're building in the United States of America, there's no charge.' The Republican president said companies that make computer chips in the US would be spared the import tax. During the Covid-19 pandemic, a shortage of computer chips increased the price of autos and contributed to an overall uptick in inflation. Inquiries sent to chip makers Nvidia and Intel were not immediately answered. Demand for computer chips has been climbing worldwide, with sales increasing 19.6% in the year-ended in June, according to the World Semiconductor Trade Statistics organization. Trump's tariff threats mark a significant break from existing plans to revive computer chip production in the United States. He is choosing an approach that favors the proverbial stick over carrots in order to incentivize more production. Essentially, the president is betting that higher chip costs would force most companies to open factories domestically, despite the risk that tariffs could squeeze corporate profits and push up prices for mobile phones, TVs and refrigerators. By contrast, the bipartisan Chips and Science Act signed into law in 2022 by Joe Biden provided more than $50bn to support new computer chip plants, fund research and train workers for the industry. The mix of funding support, tax credits and other financial incentives were meant to draw in private investment, a strategy that Trump has vocally opposed.
Reuters
11 minutes ago
- Reuters
US sanctions Mexican cartel figures, including popular rapper El Makabelico
Aug 6 (Reuters) - The U.S. Treasury Department on Wednesday announced sanctions on assets of four individuals whom it linked to Mexico-based Cartel del Noreste, including the popular hip-hop artist El Makabelico. Treasury said the sanctions target three "high-ranking members" of Cartel del Noreste (Northeast Cartel), which splintered off from Los Zetas, as well as a "prominent associate" of the group, Ricardo Hernandez, a 34-year-old musician known as El Makabelico who has millions of followers on social media. Treasury said El Makabelico's concerts and events are used to launder money on behalf of the organization, "with 50 percent of his royalties from streaming platforms going directly to the group." A Spotify (SPOT.N), opens new tab spokesperson said the company was reviewing the decision and would comply with its legal obligations. Apple (AAPL.O), opens new tab and Alphabet-owned (GOOGL.O), opens new tab YouTube did not immediately respond to requests for comment. DEL Records, which Hernandez lists as his label on social media, did not immediately respond to a request for comment. Treasury identified the three other individuals as Abdon Rodriguez, Antonio Romero and Francisco Esqueda. Washington said the sanctioned individuals have played a critical role in the cartel's activities, including drug trafficking, extortion and money laundering. The Treasury said it had also sanctioned two "high-ranking members" of the cartel in May. The cartel was among those that President Donald Trump's administration in February designated as global terrorist organizations. "The Treasury Department will continue to be relentless in its effort to put America First by targeting terrorist drug cartels. These cartels poison Americans with fentanyl and conduct human smuggling operations along our southwest border," said U.S. Treasury Secretary Scott Bessent. The Cartel del Noreste is considered one of Mexico's most violent drug trafficking organizations and wields significant influence along the U.S.-Mexico border, particularly at Laredo, Texas, the Treasury said.
