• Apple is going to spend another $100 billion investing in US facilities.
• That's on top of a $500 billion pledge the company made earlier this year.
• Is that a lot? Sort of. Is it a move to make iPhones in the US? Not at all.

At a White House event on Wednesday afternoon, Apple CEO Tim Cook announced plans to invest $100 billion in US manufacturing.

Is this a real plan, with real money? A bit of stagecraft designed to give Donald Trump a public win for his reshoring push? Or a way for Apple to keep on the right side of Trump tariffs that could cause great harm to the company?

Yes. And yes. And yes.

Some context:

• In February, Apple said it would invest $500 billion and hire 20,000 US employees over the next four years.
• Now Apple is going to add another $100 billion to that commitment.
• Apple spelled out how it is going to spend some of that money at the White House event, including a pledge to spend $2.5 billion expanding its work in a Corning plant in Kentucky, where it makes glass for iPhones and Apple Watches. Apple says that work will eventually ensure that all of its devices sold worldwide will use American glass (though it didn't spell out how much of that work was already being done in America).

But this isn't the first time Apple has announced a pledge like this. In 2021 — when Joe Biden was president — it announced a plan to invest $430 billion in the US over five years and hire 20,000 employees. Some of those plans involved new construction, like a new "engineering hub" in North Carolina. Others involved expansions of existing facilities, or construction that was already underway, like a $1 billion campus in Austin.

As Bloomberg notes, Apple's announcement from February was really an acceleration of its earlier plans — it meant Apple was planning to spend an extra $39 billion a year, and to increase its hiring plans by 1,000 people a year.

Using that same logic, Apple's Wednesday announcement means it is planning on spending another $25 billion a year above its earlier plans. (No word, yet, about any additional hiring, though Apple did say its work with Corning would increase the workforce there by 50%.)

So that's definitely some additional spending.

Will Apple make iPhones in the US?

Does that mean Apple is going to start making iPhones in the US, as Trump has demanded?

No. As we've discussed before, recreating the supply chain Apple would need to make iPhones in the US seems close to impossible. And certainly not something that Apple could pull off in a few years — if it even wanted to.

Cook was asked that question directly at the press conference, and was ready for it. "There's a lot of content in there from the United States," he argued, pointing to the glass deal and other elements made at least in part in America. But as far as actually putting that stuff together — which requires a complicated supply chain Cook spent years and billions overseeing? "That will be elsewhere for a while," he said.

Still, getting to stand next to the CEO of one of the world's most valuable companies, while that CEO says he's going to invest in America, is most definitely valuable to Trump, who was beaming throughout the event.

And it's not as if any particular number means much to Trump, who recently announced he was going to reduce drug prices by "1,500 percent," which is definitely not possible.

Trump is also flexible when it comes to announcements about Trump-directed spending in America. Like when he stood next to Cook during his first term and announced that Apple had opened a new plant in Texas at his behest. Also not true.

What does Apple get in return? It would most obviously like permanent relief from Trump's tariffs. So far, Trump has granted Apple some immunity from some of his tariffs on foreign manufacturing — but not all of them, which is why Apple has said it will have paid some $2 billion in tariffs over its last two quarters.

Apple and other tech companies are also hoping Trump will keep pushing on their behalf to beat down other countries' tech regulations. Apple is particularly vexed by the European Union, which has forced the company to do things like change its iPhone chargers and open up its App Store.

So yes: Apple is spending money in the US. And no: It's not exactly the story Donald Trump would like to tell.

• Wells Fargo said in a report that President Donald Trump's tariffs won't bring manufacturing back.
• High labor costs and a lack of workers would make building more factories an "uphill battle."
• US manufacturing needs $2.9 trillion in investment to reach 1979 employment levels.

President Donald Trump's push to revive American manufacturing through tariffs may face some hurdles.

Despite some high-profile commitments, including Nvidia's plans for a US-based supercomputer plant and Apple's pledge to invest $500 billion domestically, a new report from Wells Fargo economists predicts that bringing back offshored manufacturing jobs will be an "uphill battle."

"An aim of tariffs is to spur a durable rebound in US manufacturing employment," Wells Fargo analysts wrote in the report. "However, a meaningful increase in factory jobs does not appear likely in the foreseeable future, in our view."

The report attributes the potentially low factory job growth to high labor costs, a lack of suitable workers to fill vacant positions, and a subdued population growth from lower fertility rates and slower immigration.

"Higher prices and policy uncertainty may weigh on firms' ability and willingness to expand payrolls," the analysts added.

The tariffs are part of Trump's broader economic agenda to revive American manufacturing as a pathway toward middle-class prosperity. The tariffs are meant to hike the costs of imports to incentivize companies to make goods domestically.

"Jobs and factories will come roaring back into our country," Trump said while announcing tariffs on April 2. "And ultimately, more production at home will mean stronger competition and lower prices for consumers."

Some tariffs imposed on April 2 have been temporarily paused or greatly reduced, including tariffs on China. The 10% across-the-board tariff remains, as do some specific tariffs on Mexico and Canada, plus 30% in duties on China. Duties at their current level are still the highest they have been since the 1940s.

"In order for manufacturing employment to return to its historic peak, we estimate at a minimum $2.9 trillion in net new capital investment is required," Wells Fargo analysts wrote. "Assuming businesses are willing and able to invest such ample sums, questions over staffing remain."

The Wall Street bank says that US manufacturing employment currently stands at 12.8 million, down from its 1979 peak of 19.5 million. To get back to that mark, the US would need to add roughly 6.7 million jobs. Wells Fargo added that the figure is nearly the same as the entire pool of unemployed Americans, which in April was 7.2 million, according to the US Bureau of Labor Statistics.

"Population aging, negative perceptions, and skill mismatches also underpin workforce concerns," Wells Fargo analysts wrote. "New jobs will require different skills than those previously lost."

In 2024, Taiwanese chipmaker TSMC said it delayed the opening of its Arizona chip factory due to a shortage of skilled workers. A report released in April 2024 by Deloitte and the Manufacturing Institute also found that nearly half of the 3.8 million new manufacturing jobs anticipated by 2033 could remain unfilled due to skill gaps and other population factors.

"Tariffs must be high enough to make the cost of domestic production competitive in the US market, and they also must be kept in place long enough for producers to bring on additional workers and expand capacity," the report concluded. "If the economic or political costs are deemed too high, the current administration could quickly dial-back prevailing duties further."

The White House did not immediately respond to a request for comments.