President Trump and Apple CEO Tim Cook announced a new $100 billion commitment to U.S. manufacturing on Wednesday. Peter Kafka, Business Insider chief correspondent, joins CBS News with analysis.

Kentucky

President Trump and Apple CEO Tim Cook have jointly announced a $100 billion commitment to U.S. manufacturing, raising Apple's total planned domestic investment to $600 billion over the next four years. A key part of the initiative is that all new iPhone and Apple Watch cover glass will be produced in Kentucky, with Apple investing $2.5 billion in this effort.

Industry analysts highlight that Apple's U.S. investments are often extensions of ongoing projects, and the company continues to rely on overseas assembly for its products. While such announcements generate headlines, past large-scale pledges by Apple and other tech firms have sometimes been scaled back. Apple is also seeking relief from tariffs and regulatory pressures as part of its broader strategy.

Trump and Apple announce $100 billion commitment to U.S. manufacturing

President Trump and Apple CEO Tim Cook just announced a new 100 billion dollar commitment to manufacturing in the U.S. That number adds to a hefty pledge Apple made back in February bringing the iPhone makers total domestic investment to 600 billion dollars over the next four years. Here's what Tim Cook had to say about where some of that money will go. I'm pleased to announce that very soon, this is for the first time ever, every single new iPhone and every single new Apple watch sold anywhere in the world will contain cover glass made in Kentucky. Let's bring in Peter Kofka, chief correspondent for Business Insider. Peter you wrote an article today specifically about what this announcement means and what it doesn't mean. So let's break that down. We've heard the details from Tim Cook himself. What do you make of it? I mean I think the important context is to know that Apple's always been investing in America and has manufacturing here to some degree, has employees here and so when it's talking about investing 500 billion or a hundred billion, these are in some ways continuations of work they've already been doing and sort of untangling how much of that is new investment spurred on by Donald Trump. That's kind of difficult to understand because Apple is not really gonna break it out for us but they certainly want Donald Trump to believe they are spending more money in America because of Donald Trump. Let's get to some specifics. We hear Tim Cook saying that the glass covers for the iPhones and Apple watches will be made in America. So President Trump has certainly put a lot of pressure on Apple to make the whole phone here in the US but now we're just talking about the glass. So how significant is this announcement? It's hard to tell. Apple has long worked with Corning, American company on the iPhone glass from the beginning. So it's been doing some of that work in America, eventually some of that work went overseas. I can't frankly tell you how big a deal that is. They say 2.5 billion dollars is what they're gonna put into that effort to bring that work entirely into the US but they're also talking about essentially spending an additional 25 billion dollars a year across the US. So that makes it seem like a relatively small investment by Apple standards. Tim Cook was asked directly about this. He said during the press conference someone asked him, you know, are you eventually gonna make the entire iPhone here? And he, you know, paused and said, well we make lots of parts here and pointed at Corning and hemmed and hawed and said, but you know when it comes to assembly the whole thing, this is the sort of the crucial work that happens primarily in China, that's not gonna happen in the US for a long time is what he said. And Peter, you referenced in your article in 2021 that Apple announced a plan to invest 430 billion dollars in the United States over a five-year period, hire 20,000 employees, other tech companies have also made similar promises. How often do we see these announcements come true or are scaled back? They often get scaled back, especially in the Trump era, not exclusively in the Trump era but definitely where the Trump era where the sort of the headline is prized. Apple and Foxconn have had sort of a long-standing saga in Wisconsin that's worth looking up about promise development that didn't really materialize. More recently OpenAI and other folks have talked about a huge project called Stargate that was supposed to be 500 billion dollars worth that that has been scaled back. It's definitely worth tracking this stuff but again Apple is spending money already in America so a lot of what they're doing is saying we're spending all this in America we're gonna dress it up with a headline and maybe we'll add some additional spending because that will look even better. But this isn't from whole cloth they were already spending in America. Now you also mentioned there are things that Apple wants or needs in return. Can you kind of explain that? Sure that that part's really simple. First and foremost Apple wants to avoid the tariffs that could really really damage its core business because it is dependent on China primarily to manufacture a lot of its goods also India, Vietnam. If Donald Trump doesn't allow them some sort of exemption from that that can be a real problem for their business. They've already mentioned having to spell it shell out about two billion dollars in tariff related costs just the last couple quarters. It's a major overhang for them something Wall Street's very concerned about so they want some relief from that. They and the other tech companies are also hoping Trump will continue to batter the likes of the EU and other countries when it comes to taxing and regulating American tech. That's a big issue for Apple it's a big issue for Facebook the other tech companies are saying to Trump hey these other foreign nations are beating up your American tech industry and we need some help from that. So Tim Cook wants a couple things out of Donald Trump and if standing up next to him and announcing this investment is part of that transaction he's willing to make that deal. Peter Kofka, Peter thank you so much. Thank you.

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