CEO Tim Cook will join President Donald Trump in the Oval Office to announce a provisional plan for the company and plans to invest in the U.S., which is scheduled for 4:30 p.m. ET.
apple A White House official told CNBC it would raise its previous commitments in February, from $500 billion in February to $600 billion.
It will also announce a new manufacturing industry called the U.S. manufacturing program, the official said.
Apple's shares rose 5% in trading Wednesday.
Over the past year, Cook has had a different relationship with Trump. Although Trump has praised Apple's CEO in the past, in recent months he said he had a “problem” for executives and pushed Apple to assemble iPhones in the United States rather than China or India.
Apple faces more than $1 billion in costs this quarter due to Trump's tariffs on imports, which is mainly related to China. In addition, Cook reminded investors on an August 31 revenue call that the “big majority” of its products will be subject to new tariffs under the Article 232 investigation, a pending tariff on Apple that it will crack down on the company's semiconductors.
“Obviously, we're trying to optimize our supply chain and eventually we're going to do more in the United States,” Cook said.
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