President Trump will announce that Apple plans to invest $100 billion in manufacturing in the U.S. in an effort to increase domestic production and avoid tariffs.
The announcement will come at a 4:30 p.m. EDT event in the Oval Office.
The Hill’s Alex Gangitano reports:
“The announcement includes the launch of the American Manufacturing Program, which would be dedicated to bringing more of Apple’s supply chain to the U.S. and involves the tech giant incentivizing other companies to manufacture more critical components domestically, the official said.”
The $100 billion investment increases Apple’s overall U.S. commitment to $600 billion. Apple claims to support more then 450,000 jobs through their thousands of suppliers and partners across the U.S.
The announcement comes at a pivotal moment for Trump’s trade war.
Trump on Wednesday announced he would increase tariffs on India by 25 percent over its purchases of Russian oil, bringing the total tariffs he has imposed on New Delhi to 50 percent.
India is furious, with the Ministry of External Affairs arguing that the purchase of Russian oil is a “necessity” to “ensure predictable and affordable energy costs” and was once “encouraged” by the U.S. “for strengthening global energy markets stability.”
The Hill’s Laura Kelly and Alex Gangitano report that the trade war has soured the bromance between Trump and Indian Prime Minister Narendra Modi.
“During his first term, President Trump struck up an exuberant bromance with Indian Prime Minister Narendra Modi, holding joint rallies in Texas and India and calling Modi one of “America’s greatest, most devoted, and most loyal friends.”…The tensions are straining a partnership that both Republicans and Democrats view as essential in challenging China.”
The move against India is meant to ramp up pressure on Russia to end the war in Ukraine.
U.S. special envoy Steve Witkoff met with Russian President Vladimir Putin in Moscow for three hours on Wednesday ahead of Trump’s looming ceasefire deadline.
Trump has said if Russia does not move to end the war by Friday, the U.S. will slap new economic sanctions on Moscow meant to isolate them.
Putin’s representative Kirill Dmitriev described the conversation with Witkoff as “constructive” and said dialogue “continues and is critical for global security and peace.”
A senior U.S. official said sanctions on Russia’s key trading partners are still expected to go into effect on Friday.
MEANWHILE…
Trump’s tariffs have domestic and foreign leaders making the trek to Washington to seek common ground.
Michigan Gov. Gretchen Whitmer (D), a potential 2028 presidential contender, met with Trump on Tuesday at the White House to raise concerns about the effects the president’s tariff policy is having on her state.
“I will always do whatever I can to make life a little easier for Michiganders and strengthen our economy,” Whitmer said. “We should do everything in our power to lower costs and grow more good-paying jobs in Michigan. I appreciate the president’s time and attention to the matters we discussed.”
Swiss President Karin Keller-Sutter was in Washington on Wednesday to meet with Secretary of State Marco Rubio, as she seeks to soften Trump’s 39 percent tariff, according to Bloomberg.
ELSEWHERE…
Trump is narrowing down a group of candidates to replace Federal Reserve Chairman Jerome Powell, whose term ends early next year.
Trump says he has four people in mind to be the next Fed chief, led by Kevin Hassett, director of the National Economic Council, and Kevin Warsh, a former member of the Federal Reserve Board of Governors.
The Wall Street Journal reports that Trump might announce Powell’s successor early in a bid to undermine him, as the president fumes over the Fed’s refusal to lower interest rates.
Trump will have an opportunity before then to influence Fed policy when he appoints a replacement for one of the Fed’s governors, Adriana Kugler, who announced her retirement last week.
Two Fed governors dissented from Powell in last week’s 9-2 vote to keep interest rates steady, the first time that’s happened in more than 30 years.