Apple: Tim Cook commits USD 100 bn investment in US

Apple: Apple CEO Tim Cook has announced to exclusively use rare-earth magnets made in in the United States for its devices. This will give a major push to expand its manufacturing base in the US.

The announcement came during a press conference held on Wednesday (US time), where Apple CEO Tim Cook appeared alongside US President Donald Trump.

Cook stated that Apple will now source only American-made rare-earth magnets for its devices. These magnets will be developed by MP Materials, the only fully integrated rare-earth producer in the United States.

He stated, "This year alone, the American manufacturers are on track to make 19 billion chips for Apple in 24 factories across 12 different states. Second, we're committed to buying American-made and advanced rare-earth magnets developed by MP Materials, which will become part of Apple's devices shipped around the world".

With this partnership, MP Materials will significantly expand its flagship facility in Fort Worth, Texas.

Apple also plans to collaborate on building a cutting-edge rare earth recycling line in Mountain Pass, California. He also highlighted that Apple has worked with its partner Corning to build the world's largest and most advanced smartphone glass production line in the state.

"In Kentucky, we've worked with our partners at Corning to build the world's largest and most advanced smartphone glass production line. And 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," Cook added.

Apple's total investment commitment in the United States has now been raised to USD 600 billion over the next four years. This includes an additional USD 100 billion announced on Wednesday. Earlier this year, the company had committed USD 500 billion and announced plans to hire 20,000 workers across the country over the same period.

The move is also seen as a strategic decision that could help Apple sidestep potential tariffs on iPhones and other products amid rising tariffs by the US President on imports to the US.