- 7 weeks ago
President Trump hosted Apple CEO Tim Cook at the White House to announce major investments in the U.S.
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00:00You know this gentleman, one of the truly great legends of our time, my book.
00:07Before we begin, I'd like to say a few words about the shooting at Fort Stewart in Georgia.
00:13As you know, five people were seriously wounded and two very, very seriously hurt around 11 o'clock this morning.
00:20The shooter is now in custody, and the Army Criminal Investigation Division is on site
00:27to ensure that the perpetrator of this atrocity, which is exactly what it is, will be prosecuted to the fullest extent of the law.
00:35The entire nation is praying for the victims and their families, and hopefully they'll fully recover.
00:43And we can put this chapter behind, but we're not going to forget what happened.
00:48We're going to take very good care of this person that did this horrible person.
00:53This afternoon, we're pleased to welcome to the White House one of the great and most esteemed business leaders
01:01and geniuses and innovators anywhere in the world, Apple CEO Tim Cook.
01:06Amazing job.
01:08Thanks as well to Secretary of the Treasury Scott Fessant and Secretary of Commerce Howard Lutnick for being here,
01:16wherever you may be.
01:17Oh, there you are.
01:18Hello, fellas.
01:19I missed you.
01:20Today, Apple is announcing that it will invest $600 billion, that's with a B,
01:27in the United States over the next four years.
01:30That's $100 billion more than they were originally going to invest.
01:36And this is the largest investment Apple has ever made in America and anywhere else.
01:42And it's just an honor to have you.
01:44As you know, Apple's been an investor in other countries a little bit.
01:46I won't say which ones, but a couple.
01:49And they're coming, they're coming home.
01:53$600 billion.
01:55It's the biggest there is.
01:57The company is also unveiling its ambitious new American manufacturing program,
02:01which will bring factories and assembly lines across our country,
02:05all roaring to life.
02:06Areas that we're not doing so well are doing very well.
02:09We have about $17 trillion coming into the United States,
02:14which is more than ever before.
02:16It's never even come close.
02:18There's never been anything like it.
02:20Even you, that's even a lot of money for you.
02:22But we have commitments of more than $17 trillion.
02:27That was as of a couple of weeks ago.
02:28These investments will directly create more than 20,000 brand-new American jobs
02:34and many thousands more at the Apple suppliers like Corning, Broadcom, Texas Instruments,
02:41and Samsung who all deal in that world.
02:45As part of this historic commitment,
02:47Apple will massively increase spending on its domestic supply chain for the iPhone
02:52and will build the largest and most sophisticated smart glass production line in the world
02:57in Harrodsburg, Kentucky, which is a great...
03:02Actually, I did very well there.
03:03I like it because I see I did very well there.
03:06I did very well in Kentucky, but it's a great place.
03:08You're going to be very happy.
03:10I thought maybe while we're up, I'll interrupt my own speech,
03:14but you might show them a little bit about the product that you're going to be doing in Kentucky, Tim.
03:19Absolutely. Do you mind if I step up here?
03:20Yes, please.
03:22This box was made here in the U.S., California,
03:26and this glass comes off the warning line.
03:31It's engraved for President Trump.
03:34It's a unique unit of one.
03:37It was designed by a U.S. Marine Corps corporal, a foreign one that works at Apple now.
03:43He's done well.
03:45It's designed it for you.
03:45And the base comes from Utah and is 24-carat gold, and it sits...
03:57I'll take the liberty of setting it off.
03:59Well, there we go.
04:11Congratulations, Mr. President.
04:13Thank you so much.
04:14Thank you so much.
04:14Thank you so much.
04:14The great people of Kentucky.
04:18You're going to find it a great place to do business, too.
04:21It's fantastic.
04:22Isn't that nice?
04:23We're doing these things now in the United States instead of other countries, faraway countries.
04:28This is a significant step toward the ultimate goal of ensuring that iPhones sold in the United States of America also are made in America.
04:38With the mass infusion of capital, it's announcing today Apple will also build a 250,000-square-foot server manufacturing facility in Houston
04:47and invest billions of dollars to construct data centers across the country from North Carolina to Iowa to Oregon.
04:56That's big stuff.
04:57Apple will also open state-of-the-art manufacturing economy.
05:01It's going to be a manufacturing academy in Detroit, and that's a great place to do.
05:08You know, big things are happening in Michigan and Detroit.
05:12They're coming in because of what we've done with the...
05:15I call it the great, big, beautiful bill.
05:17I added one word.
05:18Great.
05:19But we have probably the biggest, most comprehensive piece of legislation ever passed.
05:27It's going to mean unbelievable numbers of jobs and no jobs on...
05:32Think of this, whether it's tips or overtime or Social Security, no tax.
05:38So no tax on tips, no tax on Social Security, no tax on overtime.
05:43And there's just a small bit of it.
05:47For Apple and others' businesses, we're talking about the deductions and all of the things.
05:51And actually, for people, they go out and buy a car, first time it's ever been done.
05:55We talk about deductions for companies, but they're going to be able to deduct interest
06:00when they borrow money to buy a car, if it's made in America.
06:05It has to be made in America.
06:06So it is amazing.
06:08And one of the reasons I think I can say that Apple's coming here is the legislation we just
06:13passed with this kind of investment.
06:15Apple will also open other facilities, rare earth magnets from Texas and build...
06:23Oh, I love that you're doing this.
06:25I love that.
06:26I love that.
06:27And build a brand new rare earth recycling line in Mountain Pass, California.
06:32I know that area.
06:33That's where they have a lot of truly rare earth.
06:37That's fantastic.
06:38I love that.
06:38And Apple will help develop and manufacture semiconductors and semiconductor equipment
06:43in Texas, Utah, Arizona, and New York.
06:47For years, Americans have watched as many of our leading tech giants built their factories
06:52overseas and exported American jobs abroad.
06:55But under the Trump administration, we're doing everything possible to make this the best
07:00place on earth to build a factory or grow businesses.
07:03I'm allowing them to build electric producing plants with their factory because otherwise
07:09they'd have to hook into the grid.
07:10And I think it's one of the biggest things we've done where you can build, Tim, your own
07:16electricity.
07:18You become your own electric manufacturer.
07:22And that goes along with the plant.
07:23So you become a utility.
07:25So congratulations.
07:26Now you're in the utility.
07:27I hope they don't value your company based on utility, but that's OK.
07:32You're going to make you're going to be making your own electricity.
07:36And as you probably know, for much of this and much of many of the things that we're doing,
07:40especially the AI, they would need actually double the electricity that the country now
07:46produces for everything.
07:48So it's massive electric and they're going to be able to make their own and they're getting
07:52very fast approvals.
07:53Lee Zeldin is doing a fantastic job, including with a 100 percent expensing on the one big
08:01beautiful bill.
08:02In return, we're asking our businesses to invest in America and they're coming in at
08:07levels that we've never seen before.
08:08So I don't know when it shows up, but there are a lot of factories and a lot of plants that
08:13are either under construction or soon will be starting construction.
08:17So can't tell you exactly when, but I want to be around in about a year from now and two
08:24years from now, because we're going to see an explosion, I think, like this country has
08:28never seen before.
08:30Never.
08:31Today's announcement is one of the largest commitments in what has become among the
08:36greatest investment booms in our nation's history.
08:38And we've got the hottest country anywhere in the world.
08:41You know, I told you the story that and Tim, I'll tell you, but I went to the Middle East
08:47and I was with Qatar.
08:49I was with UAE and the king of Saudi Arabia, all great leaders.
08:54And then I went to NATO and saw many great leaders.
08:57And we just finished that about four weeks ago.
09:00Everyone, virtually everyone said, in effect, that we were a dead country one year ago.
09:07America, this was a dead country.
09:09We were dying, we were dead.
09:12And now you've got the hottest country anywhere in the world.
09:15This would have never happened except for certain people.
09:19Thank you very much.
09:20I appreciate it.
09:21NVIDIA is investing 500 billion to go along with Apple, 600 billion, 600 billion.
09:29Micron, great company, is investing 200 billion.
09:33IBM is investing more than 150 billion.
09:36SoftBank is investing substantially more than 100 billion.
09:42TSMC is investing 200 billion.
09:45Johnson & Johnson, 55 billion.
09:47Merck, Stellantis, and General Motors are putting many, many billions in.
09:52They haven't determined the final number.
09:54And many other countries are investing tens of billions of dollars.
09:57And I'm not going to give you the whole list because the list is too long to read.
10:01But it's hundreds of billions and even trillions.
10:05I mean, it's trillions of dollars that's being invested right now.
10:09Last week, it was announced that our economy grew at 3% in the second quarter.
10:13And consumer confidence is surging.
10:16Blue collar wages are rising rapidly.
10:18Costs are way down.
10:19You know, I listen to these horrendous frauds on CNN and various other fake news networks.
10:28And they say, costs are up.
10:30No, no, costs are down.
10:33Gasoline is down.
10:34It's going to soon, I believe, be less than $2 a gallon.
10:37It's around $2.40 right now, many places, other than a California where they tax you out of business.
10:43But, and a couple of others.
10:46But gasoline is way down.
10:48The price of groceries are down.
10:51How about eggs?
10:52When I first came here, my first week, the press hit me very hard on eggs.
10:58Eggs had quadrupled or something.
11:00I said, I didn't know about it.
11:02Give me a chance.
11:03I've just been here for four days.
11:05Well, eggs are down.
11:06Everything's down.
11:07Price is down.
11:08The only thing that's up is stock prices.
11:10That's really up.
11:11And that's through the roof.
11:13The stock market has been hitting all-time records, all-time highs.
11:18Last week, it was announced that our economy grew at levels that we haven't seen in a long time.
11:24But the real levels of growth are going to be judged in a year from now when you start seeing some of these incredible plants.
11:30Because we have car plants opening.
11:32They're coming in from Canada, from Mexico, and from all over the world.
11:36And they're coming in because they like the way the election worked out.
11:39But they also like the fact that they don't want to pay tariffs.
11:43And the tariffs, I think, will be taking – well, we're taking in hundreds of billions of dollars in tariffs.
11:49I won't be so specific other than to say – because we don't even know what the final number is.
11:53We just made a deal, as you know, with the EU, where they're paying hundreds of billions of dollars, Japan paying hundreds of billions of dollars, and numerous other countries paying hundreds of billions of dollars.
12:05And we're not even completed there.
12:08And as you know, they found $25 billion three weeks ago.
12:12They said, we have a surplus of $25 billion.
12:16And they said, where did this come from?
12:17They said, check the tariffs.
12:18And they checked.
12:19They said, you're right.
12:20That's where it came from.
12:21And we've really just started.
12:23This is just in its infancy.
12:25So we have a great country.
12:27We have a country that is going to be very rich.
12:30It's a country that we're very proud of, but it's going to be very rich.
12:36And it's companies like Apple.
12:38They're coming home.
12:39They're all coming home.
12:41And we want them to come home.
12:42They have to come home.
12:44We're going to treat them really well.
12:46We're going to be putting a very large tariff on chips and semiconductors.
12:51But the good news for companies like Apple is if you're building in the United States or have committed to build, without question, committed to build in the United States, there will be no charge.
13:05In other words, we're not going to be charging.
13:07So a lot of countries, a lot of companies are leaving various other places and they're coming to the United States.
13:14So in other words, we'll be putting a tariff on of approximately 100 percent on chips and semiconductors.
13:21But if you're building in the United States of America, there's no charge, even though you're building and you're not producing yet in terms of the big numbers of jobs and all of the things that you're building.
13:35If you're building, there will be no charge.
13:37So I just want everyone to know that.
13:38And I didn't even tell you that inside.
13:40We discussed the concept, but I didn't.
13:43So it's a big factor.
13:45So 100 percent tariff on all chips and semiconductors coming into the United States.
13:52But if you've made a commitment to build or if you're in the process of building, as many are, there is no tariff.
13:58OK, if for some reason you say you're building and you don't build, then we go back and get we ended up.
14:05It accumulates and we charge you at a later date.
14:10You have to pay.
14:10And that's a guarantee.
14:12So that's a big statement.
14:14And I think the chip companies are all coming back home.
14:18They're all coming back.
14:19You know, we started with Intel and gradually Intel was just taken over the over the calls.
14:26They were taken to the cleaners, frankly, and moved to other places, in particular Taiwan.
14:32But I think a lot of those a lot of those companies are coming back and they're coming back very rapidly.
14:38So that's a big statement.
14:39One hundred percent tariff.
14:41I want to thank you very much.
14:42Tim, would you like to say a few words about your company, please?
14:49Good afternoon, everyone.
14:50Mr. President, thank you very much for having me here today.
14:54You've been a great advocate for American innovation and manufacturing.
14:59And I'm grateful for your leadership and your commitment.
15:02That's a commitment we share at Apple because American innovation is central to everything we do.
15:09Our products are designed here.
15:11We're hiring and growing here.
15:12And we support 450,000 jobs with thousands of suppliers and partners in all 50 states.
15:20Earlier this year, we made our largest ever spending commitment, $500 billion to the U.S. over the next four years.
15:29That's already yielding results.
15:31Earlier this year, we broke ground on a new factory in Houston to make advanced AI servers.
15:37And just last month, the very first test unit rolled off that factory's line, proudly made in America.
15:44President Trump shared some kind words about that work, but he also asked us to think about what more we could commit to doing.
15:53And, Mr. President, we took that challenge very seriously.
15:57I'm glad to be here with you today.
15:59And I'm very proud to say that today we're committing an additional $100 billion to the United States, bringing our total U.S. investment to $600 billion over the next four years.
16:12As a part of this, we're launching Apple's American manufacturing program.
16:17It will spur even more production right here in America for critical components used in Apple products all around the world.
16:26And we're thrilled to announce that we've already signed new agreements with 10 companies across America to do just that.
16:34First, with today's announcements, I'm proud to say that Apple is leading the creation of an end-to-end silicon supply chain right here in America,
16:45from design to equipment to wafer production to fabrication to packaging.
16:51In Texas, we're working with manufacturers like Texas Instruments, Global Wafers America, and Applied Materials.
16:59We're working with Amcor in Arizona and Broadcom and Global Foundries in New York.
17:05Thanks to President Trump's vision and with his help in his first term, we also led the way to bring TSMC to Arizona by committing to be their first and largest customer.
17:17Today, they're producing tens of millions of chips for Apple using one of the most advanced process technologies in America today.
17:28We're going to keep working with our suppliers to move even more of this incredibly advanced work to America.
17:35And this year alone, American manufacturers are on track to make 19 billion chips for Apple in 24 factories across 12 different states.
17:47Second, we're committed to buying American-made advanced rare earth magnets developed by MP Materials,
17:55which will become part of Apple's devices shipped around the world.
18:00MP is the only fully integrated rare earth producer in the United States,
18:05and with this partnership, they'll be significantly expanding their flagship facility in Fort Worth, Texas.
18:11We're also thrilled to work together on a cutting-edge rare earth recycling line in Mountain Pass, California.
18:20And third, in Kentucky, we've worked with our partners at Corning to build the world's largest and most advanced smartphone glass production line.
18:29And I'm pleased to announce that very soon, this is for the first time ever,
18:35every single new iPhone and every single new Apple watch sold anywhere in the world will contain cover glass made in Kentucky.
18:46In addition to the American manufacturing program, we're also significantly growing our investments in AI,
18:52including expanding data center capacity in North Carolina, in Nevada, in Iowa, in Arizona, and Oregon.
19:01So we're going to keep making investments right here in America.
19:04We're going to keep hiring in America.
19:07And we're going to keep building technologies at the heart of our products right here in America,
19:13because we're a proud American company, and we believe deeply in the promise of this great nation.
19:19Thank you all, and thank you, President Trump, for putting American innovation and American jobs front and center.
19:27Thank you, sir.
19:28Great honor.
19:30Thank you very much.
19:30Appreciate it.
19:32What a job he's done.
19:34What a job.
19:34Incredible.
19:36I want to thank you very much.
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