Trump says he talked to Apple CEO Tim Cook after China tariff rollback

During the inauguration ceremonies for President Donald Trump and Vice President JD Vance on January 20, 2025, Apple CEO Tim Cook was observed in the rotunda of the U.S. Capitol in Washington. President Trump mentioned on Monday that he had a conversation with Tim Cook following the U.S. and China’s agreement to halt most tariffs for a period of 90 days. The decision to pause Chinese tariffs was well-received by Wall Street and Apple investors, with Apple’s stock rising by 6% on Monday compared to the Nasdaq’s 4% increase.

Trump stated in the Oval Office, “I spoke to Tim Cook this morning, and he’s going to, I think, even up his numbers. $500 billion, he’s going to be building a lot of plants in the United States for Apple. And we look forward to that.” Apple had previously announced plans in February to invest $500 billion in expanding its operations in the U.S., including the assembly of artificial intelligence servers in Houston.

The anticipation is that any de-escalation of the U.S.-China trade conflict would benefit Apple, which conducts the majority of its device manufacturing in China and considers the region its third-largest market by sales.

Nevertheless, the immediate impact of Monday’s announcement on Apple remains uncertain. Despite most of Apple’s key products receiving exemptions from the highest 145% tariffs in April, there still exist 30% tariffs on Chinese imports following the recent agreement. Apple also faces 10% tariffs in some of its other production sites like India and Vietnam.

The Trump administration has been pushing Apple to relocate its device production, including iPhone manufacturing, to the U.S., a move that many experts deem improbable and costly. During an earnings call earlier this month, Cook informed investors about the company’s tariff strategy, mentioning that Apple is currently obtaining products destined for America from production sites in Vietnam and India, but refrained from making predictions beyond June, citing the unpredictability of the situation. Apple declined to provide further comments.