Apple shares pop 5% ahead of Trump-Cook investment announcement at White House

Apple's shares surged by 5% on Wednesday as anticipation built for a significant announcement at the White House. CEO Tim Cook is set to join President Donald Trump for the event, scheduled for 4:30 p.m. ET, where new details regarding the company's investment plans in the United States will be revealed. According to a White House official, Apple is raising its investment commitment from $500 billion to an impressive $600 billion over the next four years. This announcement will also introduce a new initiative titled the American Manufacturing Program. Tim Cook's relationship with Trump has been complex over the past year. While the president has previously praised the Apple leader, he has recently expressed dissatisfaction, particularly regarding Apple's manufacturing locations. Trump has urged for iPhones to be assembled in the U.S. rather than in countries like China or India. Additionally, Apple is facing over $1 billion in increased costs this quarter due to tariffs imposed on imports, mainly affecting trade with China. Cook highlighted last week that a majority of Apple's products could be impacted by the ongoing Section 232 investigation regarding tariffs. He emphasized the company's ongoing efforts to optimize its supply chain while committing to increasing its American operations.