- President Donald Trump said he talked to Apple CEO Tim Cook on Monday, after the U.S. and China agreed to suspend most tariffs for 90 days.
- "I spoke to Tim Cook this morning, and he's going to, I think, even up his numbers," Trump said.
- Apple previously said in February it would spend $500 billion to expand many of its operations in the U.S., including assembling AI servers in Houston.
President Donald Trump said Monday that he talked to CEO Tim Cook after the U.S. and China agreed to for 90 days.
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WATCH HEREWall Street and Apple investors cheered the pause on . Apple stock was up 6% in trading on Monday, versus 3% for the Nasdaq.
"I spoke to Tim Cook this morning, and he's going to, I think, even up his numbers," Trump said in the Oval Office. "$500 billion, he's going to be building a lot of plants in the United States for Apple. And we look forward to that."
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SIGN UP Apple previously said in February it would spend $500 billion to expand many of its operations in the U.S., including assembling artificial intelligence servers in Houston.
Any cooling of a U.S.-China trade war is expected to boost Apple, which does the majority of its device production in the country, and also counts the region as its third-largest by sales.
Money Report
Still, it is not clear how much Monday's announcement immediately helped Apple.
In April, most of Apple's important products, such as smartphones and computers, received on some of the highest 145% tariffs, but there are still 30% tariffs on Chinese imports even after Sunday's deal. Apple still faces 10% tariffs in some of its secondary production locations, such as India and Vietnam.
The Trump administration wants Apple to bring device production, including manufacturing, to the U.S., a move that many experts believe would be unlikely and expensive.
Earlier this month, Cook told investors about the company's tariff strategy on an earnings call. He said Apple is currently sourcing American-bound products from production locations in Vietnam and India, but did not want to speculate beyond June, calling the situation "."
An Apple spokesperson declined to comment.
