Apple makes huge U.S. manufacturing investment

Apple struck a deal with rare minerals company MP Materials

Transcript

00:00As President Donald Trump continues to pressure American companies to build their products in the U.S.,

00:05Apple just took a big step in that direction.

00:08The iPhone maker struck a $500 million deal with rare earths company MP Materials.

00:14Apple will now buy rare earth magnets directly from the company as it tries to strengthen its U.S. supply chain.

00:20Of the deal, Apple CEO Tim Cook said,

00:22American innovation drives everything we do at Apple and we're proud to deepen our investment in the U.S. economy.

00:29MP Materials said it will create new magnet manufacturing lines dedicated to Apple products.

00:34Those lines are expected to support hundreds of millions of Apple devices, which will start being shipped out in 2027.

00:42Earlier this year, Apple committed to a $500 billion investment to expand its U.S. operations and reduce its reliance on China.

00:50That'll do it for your Daily Briefing. From New York City, I'm Caroline Woods with The Street.

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