CNBC’s Steve Kovach joins 'Money Movers' to discuss Apple CEO Tim Cook's meeting with President Trump at the White House yesterday and what it means for the stock.

Washington

Apple has received exemptions from certain tariffs following a meeting between CEO Tim Cook and the US president. During the meeting, Cook announced that Apple's total investment in the US would rise to $600 billion, including a significant expansion of the Corning glass factory in Kentucky and further partnerships with US suppliers.

While much of the announced investment was likely already planned, the diplomatic engagement resulted in tariff relief and a shift in the administration's stance on requiring iPhones to be built in the US. The report notes that such high-level access and influence are unique to major companies like Apple, and smaller businesses continue to face challenges from tariffs, often having to pass costs on to consumers.

Apple's Diplomat-in-Chief Tim Cook's political masterclass

Welcome back. Apple now exempted from some tariffs after CEO Tim Cook met with President Trump in the Oval Office yesterday and upped his investment in the US to $600 billion total. For today's tech check, Steve Kovach digs into Apple's diplomat-in-chief. Seems to be working, Steve. Yeah, it's definitely working. Just look at the stock. But first, let's rewind the clock back to May of this year when President Trump just could not stop talking about Tim Cook. Take a listen. Thank you very much, Jensen. I mean, Tim Cook isn't here. I had a little problem with Tim Cook yesterday. I said to him, Tim, you're my friend. I treated you very good. You're coming in with $500 billion, but now I hear you're building all over India. I don't want you building in India. Well what a difference three months can make. By the way, Tim Cook is still building in India. But we're watching Cook, the politician, yesterday gave the president exactly what he wanted, a big headline number and a gold statue to go along with it. Now Apple gets relief from some of the worst tariffs and the president let go of his demand for iPhones to be built here in the United States. Now you might remember, guys, Cook wrote the playbook to handling Trump in his first term. Other tech CEOs tried to resist while Cook actually embraced Trump and gave him the photo ops and some big numbers to tout. Now yesterday's Oval Office event kind of echoes what we saw in 2019 when Trump and Tim Cook visited an Austin, Texas factory. It was a preexisting facility, but it gave Trump the photo op of an Apple product being made in the United States. And that resulted in tariff relief just a short few weeks later. And yesterday Apple said it's increasing its spending in the US by a hundred billion dollars. The big part of that is a two and a half billion dollar expansion of the Corning glass factory in Kentucky. Apple says all the glass for devices will eventually come out of that facility. The other 97 and a half billion, though, that's an expansion of some existing partnerships with the US suppliers. I'm showing a number of them for you right there. And as analysts have said since that initial 500 billion dollar announcement earlier this year, much of that spending was likely baked in already. Now Cook has the president office back, though, and despite the big gains over the last two days, the stock is still underperforming. It's mag seven pier since Liberation Day. They still got to figure out artificial intelligence, guys. Yeah, I was going to say, when do we get back to that debate? I do wonder, though, Steve, we've been talking to chips, talking about chips all morning long. And I wonder how many companies can sort of replicate sort of this visual performative aspect of it. And then again, as you said, baking in even prior CapEx intentions into what seems new. Yeah, it's gonna be hard because not every smaller business has the clout that Tim Cook and Apple have. I mean, it's easy for Nvidia's Jensen Wong to get into the White House. It's easy for Tim Cook or Satya Nadella. It's less easy for folks like the CEO of Sonos, which just yesterday said they have to raise prices because of tariffs or Nintendo. They just announced a couple last week that they're going to end up raising prices on some of their products because of these new tariffs. They can't just what the president of Nintendo, Carl's not going to walk into the Oval Office and hand the president a golden Pikachu or something. It's going to they don't have that kind of clout. So they are going to have to pass those costs on to the consumer while we've seen Apple do a mix of avoiding or sorry, absorbing the costs of the tariffs. We know they're expecting one point one billion dollars in those costs for this quarter. We'll see what that looks like moving forward if that actually goes down. But yeah, not every smaller business can do what we saw Tim Cook do yesterday. A golden Luigi, golden Mario maybe. Secretary Letnik, a few months ago he talked about, you know, millions of people with tiny screws and the iPhones. It sounds like even if it's six hundred billion dollars, that's not going to be the case. Yeah. And I think we've got to be really clear. This is not six hundred billion dollars going directly towards and some of the money is, but not all. Most of it is not going to be going directly towards job creation, building factories here and definitely not building those iPhones. Like we heard the president and his members of his staff say on our network and so often throughout the last several months that that was their ultimate goal. And you just heard it in the sound I played for you at the top of this hit that the president was upset that the phones were being made in India. And yesterday he said it's OK. Tim Cook, you know, he's making enough stuff here now. We're good. Sounds like that's that's the way it works. Steve, thank you.

U.S. President Donald Trump said that there is a good chance he'll meet with Russian leader Vladimir Putin soon over Russia's war with Ukraine.

Ukraine Invasion

Trump says 'good chance' he'll meet with Putin soon

U.S. President Donal Trump officially began levying higher import taxes on dozens of countries on Thursday (August 7), just as the economic fallout of his months-long tariff threats was beginning to create visible damage to the U.S. economy.

Global Tariffs

Higher U.S. tariffs officially take effect

The man accused of killing two Israeli Embassy staffers in Washington, D.C., earlier this year has been charged with federal hate crime charges. CBS News Justice reporter Jake Rosen has more.

Hate crime charges filed in killings of Israeli Embassy staffers

As Sean "Diddy" Combs awaits his sentencing, his lead attorney Marc Agnifilo says he has not talked to anyone at the White House about a possible pardon.

New York

Sean "Diddy" Combs' attorney says he hasn't had talks about a pardon

Mike Huckabee, the U.S. ambassador to Israel, blamed Hamas when asked about starvation in Gaza, saying, "Hamas has not allowed the food to get to the people who are hungry." Huckabee also addressed questions over the controversial aid sites.

Jerusalem

Middle East Conflict

U.S. Ambassador to Israel faces questions over starvation in Gaza

On "T-Day," the US began enforcing Trump's new tariffs, raising average rates from 2% to 15% after a 90-day pause allowed some countries to negotiate reduced deals while others, like India and Brazil, faced hikes. These tariffs have generated over $150 billion in revenue by July, impacting various sectors and aiming to address trade imbalances.

U.S. begins collecting Trump's new global tariffs

Brazil’s President Luiz Inacio Lula da Silva says he plans to call the leaders of China and India, to discuss a joint response to new US tariffs. The announcement came as Brazil and India were hit with 50 percent levies - the highest imposed by President Donald Trump.

State of Rio de Janeiro

Brazil halts U.S. trade talks as Lula condemns new tariffs

U.S. President Donald Trump imposed an additional 25% tariff on Indian goods, citing New Delhi's continued imports of Russian oil in a move that sharply escalated tensions between the two nations after trade talks reached a deadlock.

Trump imposes extra 25% tariff on India over Russian oil imports

President Trump has been briefed about the shooting at Fort Stewart in Georgia, the White House press secretary says. At least five soldiers were shot before a suspect was apprehended, officials say.

Fort Stewart

Five soldiers shot at Fort Stewart in Georgia; suspect apprehended

A Russian official said President Trump's special envoy to the Middle East, Steve Witkoff, had a "useful and constructive" conversation with Russian President Vladimir Putin in Moscow on Wednesday.

Moscow

Witkoff, Putin had 'useful and constructive conversation'

The U.S. aims to deploy nuclear power reactors on the Moon and Mars, targeting the first launch by decade’s end. A new NASA directive, revealed by Politico and AFP, calls for appointing a nuclear power czar to choose two commercial proposals within six months, aiming to outpace a Chinese-Russian collaboration.

NASA races to put nuclear reactors on Moon and Mars

Japan held a memorial service and ceremony for victims and the remaining survivors of the U.S. atomic bombing of Hiroshima, marking its 80th anniversary and renewing pledges of working towards a world without nuclear weapons.

Hiroshima

Hiroshima marks 80th anniversary since U.S. atomic bombing

The U.S. is warning travelers as cases of chikungunya, a mosquito-borne illness, spreads in China. Health officials in China have ordered mass disinfection measures. The region near Hong Kong reported more than 7,000 cases in recent weeks.

Beijing

U.S. warns travelers as cases of chikungunya increase in China

Japan has commemorated the 80th anniversary of the Hiroshima atomic bombing during World War II. Ceremonies at Peace Memorial Park honoured the victims of the 1945 nuclear attack by US forces.

Japan’s Hiroshima marks 80 years since U.S. atomic bombing

Multiple media outlets in Israel have reported that Israeli Prime Minister Benjamin Netanyahu wants a complete military takeover of Gaza, while almost 600 former Israeli military and security officials are petitioning Washington to stop the fighting.

Netanyahu reportedly wants complete Gaza takeover

Ukrainian President Volodymyr Zelenskyy said Tuesday that he had a productive talk with President Trump focused on ending the war with Russia. CBS News national security contributor Samantha Vinograd has more.

Kyiv

Zelenskyy holds 'productive talks' with Trump about war

Family members of two of the victims from the 2023 implosion are demanding tougher regulations following the damning report released on Tuesday. Five people died when the submersible imploded off the coast of Newfoundland.

Deadly Titan submersible disaster was preventable, Coast Guard says

The House Oversight Committee has subpoenaed multiple people over the Jeffrey Epstein files, including former President Bill Clinton and former Secretary of State Hillary Clinton. CBS News' Jake Rosen has more details.

House committee subpoenas Clintons, others over Epstein files

U.S. Customs and Border Patrol agents have been directed through a federal court order to stop deportations under President Trump's asylum ban, sources say. CBS News' Camilo Montoya-Galvez has more details.

Court blocks deportations under Trump's asylum ban, sources say

A man suspected of murdering four family members in Tennessee has been captured after a four-day manhunt, authorities said. CBS News' Nicole Valdes has more.

Jackson

Suspect arrested in murders of 4 Tennessee family members

The ruling comes a month after Brazil’s top court ordered the former president to wear an ankle monitor, submit to a curfew and abide by limitations on his activity as legal proceedings investigating an alleged coup plot continue.

Brazil's Supreme Court orders house arrest of Bolsonaro

The US and Lebanon have been holding talks on a roadmap to fully disarm Hezbollah. Lebanon's new leadership has pledged to extend its authority across all its territory but has so far avoided acting against Hezbollah.

Beirut

Lebanon faces renewed pressure to disarm Hezbollah

CBC News had exclusive access to a Canadian Armed Forces plane that dropped about 10,000 kilograms of humanitarian aid into Gaza, the first time Canada joined the airdrop operations. Several countries airdropped food on Monday, but aid organizations agree they are more symbolic than effective.

Ottawa

Canadian military makes aid drop into Gaza

The Prime Minister's Office said to the Chief of Staff, Lieutenant General Eyal Zamir that, "If this does not suit him, you should resign."

Israel's Netanyahu says decision made for full occupation of Gaza

Delegates are gathering this week at the United Nations in Geneva, attempting to negotiate a global treaty to curb plastic pollution. But diplomats and climate advocates warn that efforts by the European Union and small island states to cap virgin plastic production are threatened by opposition.

Geneva

Strong UN treaty on plastic pollution in doubt as talks resume

President Trump announced Friday on social media that he ordered two nuclear submarines to move into more strategic positions near Russia. On Monday, Russian officials downplayed the comments and warned about the risk of nuclear rhetoric.

Russia downplays Trump's announcement about nuclear submarines

U.S. trade representative Jamieson Greer told "Face the Nation" that tariff rates are "pretty much set" ahead of President Trump's Aug. 7 deadline. CBS News MoneyWatch correspondent Kelly O'Grady has the latest.

White House holds firm on tariff rates ahead on Aug. 7 deadline

Donald Trump confirmed his special envoy Steve Witkoff will visit Russia, ahead of a deadline the U.S. president has set for Russia to agree to end the Ukraine war or face new sanctions. Witkoff is expected in Moscow in the middle of this week.

U.S. envoy Steve Witkoff expected to visit Russia

New images of emaciated Israeli hostages held in Gaza have horrified Israelis and added pressure on Prime Minister Benjamin Netanyahu to reach a ceasefire with Hamas, even as his government considers another expansion of the nearly 22-month war.

Tel Aviv-Yafo

Videos of hostages increase pressure on Netanyahu for ceasefire

Pope Leo XIV wrapped up a weekend jubilee for more than 1 million young Catholics at a Rome suburb. As a new generation from around the globe celebrated, the pope drew attention to their peers in Ukraine and Gaza who cannot.

Breakdown