Quarter and consumer confidence is surging. Blue collar wages are rising rapidly. Costs are way down. You know, I listen to these horrendous frauds on CNN and various other fake news networks and they say costs are up. No, no. Costs are down. Gasoline is down. It's going to soon, I believe, be less than $2 a gallon. It's around $2.40 right now in many places other than California where they tax you out of business, but gasoline is way down. The price of groceries are down. How about eggs? When I first came here my first week, the press hit me very hard on eggs. Eggs had quadrupled or something. I said I didn't know about it. Give me a chance. I've just been here for four days. Well, eggs are down. Everything's down. Prices are down. The only thing that's up is stock prices. That's really up and that's through the roof. The stock market has been hitting all-time records, all-time highs. Last week, it was announced that our economy grew at levels that we haven't seen in a long time. But what the real levels of growth are going to be judged in a year from now when you start seeing some of these incredible plants because we have car plants opening. They're coming in from Canada, from Mexico, and from all over the world. And they're coming in because they like the way the election worked out. But they also like the fact that they don't want to pay tariffs and the tariffs, I think, will be taken well. We're taking in hundreds of billions of dollars in tariffs. I won't be so specific other than to say because we don't even know what the final number is. We 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. And we're not even completed there. And as you know, they found $25 billion three weeks ago. They said, 'We have a surplus of $25 billion.' And they said, 'Where did this come from?' I said, 'Check the tariffs.' And they checked. They said, 'You're right. That's where it came from.' And we've really just started. This is just in its infancy. So, we have a great country. We have a country that is going to be very rich. It's a country that we're very proud of, but it's going to be very rich. And it's companies like Apple. They've coming home. They're all coming home. And we want them to come home. They have to come home. We're going to treat them really well. We're going to be putting a very large tariff on chips and semiconductors. But 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. In other words, we're not going to be charging. So, a lot of countries, a lot of companies are leaving various other places and they're coming to the United States. So, in other words, we'll be putting a tariff of approximately 100% on chips and semiconductors. But 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. If you're building, there will be no charge. So I just want everyone to know that and I didn't even tell you that inside. We discussed the concept, but I didn't. So it's a big factor. So 100% tariff on all chips and semiconductors coming into the United States. But if you've made a commitment to build or if you're in the process of building as many are, there is no tariff. Okay? If for some reason you say you're building and you don't build, then we go back and get we add it up. It accumulates and we charge you at a later date. You have to pay and that's a guarantee. So that's a big statement and I think the chip companies are all coming back home. They're all coming back. You know we started with Intel and gradually Intel was just taken over the coals. They were taken to the cleaners frankly and moved to other places in particular Taiwan. But I think a lot of those companies are coming back and they're coming back very rapidly. So that's a big statement, 100% tariff. I want to thank you very much. Tim, would you like to say a few words about your company, please?
Okay. Good afternoon, everyone. Mr. President, thank you very much for having me here today. You've been a great advocate for American innovation and manufacturing, and I'm grateful for your leadership and your commitment. That's a commitment we share at Apple because American innovation is central to everything we do. Our products are designed here. We're hiring and growing here. And we support 450,000 jobs with thousands of suppliers and partners in all 50 states. Earlier this year, we made our largest ever spending commitment, $500 billion to the US over the next four years. That's already yielding results. Earlier this year, we broke ground on a new factory in Houston to make advanced AI servers. And just last month, the very first test unit rolled off that factory's line, proudly made in America. President Trump shared some kind words about that work, but he also asked us to think about what more we could commit to doing. And Mr. President, we took that challenge very seriously. I'm glad to be here with you today and I'm very proud to say that today we're committing an additional $100 billion to the United States, bringing our total US investment to $600 billion over the next four years. As a part of this, we're launching Apple's American manufacturing program. It will spur even more production right here in America for critical components used in Apple products all around the world. And we're thrilled to announce that we've already signed new agreements with 10 companies across America to do just that. First, 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. From design to equipment to wafer production to fabrication to packaging in Texas, we're working with manufacturers like Texas Instruments, GlobalWafers America, and Applied Materials. We're working with Amkor in Arizona and Broadcom and GlobalFoundries in New York. Thanks 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. Today, they're producing tens of millions of chips for Apple using one of the most advanced process technologies in America today. We're going to keep working with our suppliers to move even more of this incredibly advanced work to America. And this year alone, American manufacturers are on track to make 19 billion chips for Apple in 24 factories across 12 different states. Second, we're committed to buying American-made advanced rare earth magnets developed by MP Materials, which will become part of Apple's devices shipped around the world. MP is the only fully integrated rare earth producer in the United States and with this partnership they'll be significantly expanding their flagship facility in Fort Worth, Texas. We're also thrilled to work together on a cutting edge rare earth recycling line in Mountain Pass, California. And third, in Kentucky, we've worked with our partners at Corning to build the world's largest and most advanced smartphone glass production line. And I'm pleased to announce that very soon, for the first time ever, every single new iPhone and every single new Apple Watch sold anywhere in the world will contain cover glass made in Kentucky. In addition to the American manufacturing program, we're also significantly growing our investments in AI, including expanding data center capacity in North Carolina, in Nevada, in Iowa, in Arizona, in Oregon. So, we're going to keep making investments right here in America. We're going to keep hiring in America and we're going to keep building technologies at the heart of our products right here in America because we're a proud American company and we believe deeply in the promise of this great nation. Thank you all and thank you President Trump for putting American innovation and American jobs front and center. Thank you sir.
Great honor. Thank you very much. Appreciate it. What a job he's done. What a job. Incredible. I want to thank you very much. And thank you JD for helping along. Good job. Really good job. Any questions, please?
Mr. President, Mr. President, you promised on the campaign trail to bring forth a manufacturing renaissance. You just mentioned $17 trillion in your first seven months or so. Can you talk about how an investment like this, all the other ones that you laid out, will positively impact the millions of Americans that trusted you with their vote?
Thank you very much. It changes our country. I mean our country is a very different country than it was 6 months ago. And people like Tim are coming. We had Micron in yesterday. We had all of the big great companies that you read about, you don't know about, but you read about. Many of them were making products outside of our country. Foolishly, we lost them. If we had the right person sitting in that seat, that would have never happened 20 and 30 years ago. When you look at the chip business, it would have never left our shores. We had 100% of chips originally and then we slowly got taken down to nothing. We have the biggest chip companies, both of them, but we have the biggest in the world coming in. They're going to Arizona and beyond. And we're going to have in a short period of time, we'll be up to almost 50% of the chips from starting at nothing. And that's something. But we have the greatest companies in the world coming into our country and that means jobs and it means wealth and wealth means security for our people. Okay, Brian.
Yes, sir. Congratulations on this investment President Trump and a great example of putting America first. What does the labor force look like to fill these jobs that you have? Do we have enough skilled American workers to fill these?
Well, we do have a lot of workers and we have a lot of workers that hadn't been looking for work because they were disincentivized, frankly. And people like Tim have tremendous schools and training centers that they build along with a lot of their big plants where they train people on whether it's glass like in Kentucky or computers or whatever they might be doing. It's a complex world and they train people and they do a great job. So, it's a whole new workforce. Now we have a lot of them in energy because you know they've always liked energy as you know coal has opened up and opened up big. We brought it back and brought it back in a very large way. You know China is right now building 58 coal fired plants. 58 big ones and here we were saying we don't take all we have more coal than anybody else in the world. We have more oil and gas than anybody else in the world. But we have tremendous energy jobs and the energy, as you know, we're booming with energy and that's why the gasoline prices are down, the costs are down. I just hope when they watch these shows, I watch this I won't use names because I just make them better known that nobody knows who they are, but I watch this group of people on CNN and MSDNC too, the same thing where they say, 'Well, costs have gone up.' Costs haven't gone up, they've gone down. I'm telling you the thing that's gone up is stock prices and success of our country. Our country is really really doing well successful. Yes, ma'am.
Yes, Mr. President. Have Putin and Zelensky agreed to a summit yet? I mean, where and when would that be?
Well, there's a very good prospect that they will and we haven't determined where, but we had some very good talks with President Putin today and there's a very good chance that we could be ending that road. That road was long and continues to be long, but there's a good chance that there will be a meeting very soon.
You think you are to a deal? How close do you think you are to some kind of deal?
Well, I don't want to say. It's I've been disappointed before with this one. You know, we've solved five wars plus add to that Iran where we wiped out their nuclear capacity for weapons. They would have had a weapon within two months, maybe less. And that was totally obliterated. Turned out it was a total obliteration. And the pilots and the people that did that job are really we have the greatest armed forces in the world. But that was really something. In fact, there's a model of the plane right there. You got to bring that up, Susie. We have to see that. Look at this. This was just given to me. You know, we ordered brand new B2 bombers. This is a plane that over a period of 36 hours of constant flying. Look at this. So, this is the brand new one they just ordered. Similar but actually quite different. It's new and enhanced. It's an amazing machine. Went 36 hours. We had 52 tankers up in the air loading up our planes because this was surrounded by F-22s and F-35s. And it was flawless, Tim. Even you would say it was flawless. And every one of those bombs hit their target. And then we had tomahawks shot in from a submarine 300 miles away. And they hit every single tomahawk hit its target. It was amazing. And that was a big threat. That was a nuclear threat. And here's the new one that we just ordered a large number of them.
What was the breakthrough today? Did Vladimir Putin make some kind of concession that he hasn't been willing to make before?
I don't call it a breakthrough. I mean, we've been working at this a long time. There are thousands of young people dying, mostly soldiers, but also, you know, missiles being hit into Kiev and other places. But in terms of soldiers, I think Russia's lost over 20,000 since the beginning of the year. 20,000. And I guess the estimate for Ukraine is about 9,000. It's a terrible situation. We want to get it stopped. You know, we don't have American soldiers there, but I feel I have an obligation to get it stopped. This was not my war. This war would have never started. Not even a chance. And it didn't start for four years. I went four years and it didn't start. But this is Biden's war. This was on his watch. And you know, it's funny. We had no land was taken from Trump. It was taken from Bush. It was taken from Biden. The whole thing they would take from Biden if it weren't for us. But it was and it was taken by Obama. Take a look at what was taken with all of the land that was taken. Nothing was taken by Russia from us. Not one ounce of land was taken. I'm here to get the thing over with. It would have never started if I were president and we're here to get it stopped and get the death stopped. Yeah, please.
Mr. President, in the past, you said you would know if Putin was tackling you along. What makes you any confidence that he is or isn't doing that this time around?
Can't answer the question yet. I'll tell you in a matter of weeks maybe less but we've made a lot of progress and as you know we put a 50% tariff on India on oil they're the second largest very close to China in terms of the purchase of oil from Russia but so I don't know if that had anything to do with it but we've had very productive talks today. Yes ma'am.
President Trump on federalizing DC are you considering taking over the DC police? Is that an option on the table?
We're considering it. Yeah. Because the crime is ridiculous. I could show you a chart comparing DC to other locations and you're not going to want to see what it looks like. It was just up on television actually they were showing it. Now we want to have a great safe capital and we're going to have it and that includes cleanliness and it includes other things. We have a capital that's very unsafe. You know, we just almost lost a young man, beautiful, handsome guy that got the hell knocked out of him the night before last. And I'm going to call him now. We wanted to give him a little recovery time. We just put a call into him. They're calling back in a little while, but he went through a bad situation, to put it mildly, and there's too much of it. We're going to do something about it. So whether you call it federalized or what and that also includes the graffiti that you see the papers all over the place the roads that are in bad shape the medians that are falling down the median in between roads that's falling down we're going to beautify the city we're going to make it beautiful and what a shame the rate of crime the rate of muggings killings and everything else we're not going to let it and that includes bringing in the National Guard maybe very quickly.
And do you want Congress to look at overturning the DC Home Rule Act?
We're going to look at that. In fact, the lawyers are already studying it. We have to run DC. This has to be the best-run place in the country, not the worst-run place in the country and it has so much potential and we're going to take care of it. You're going to be safe. You're going to be safe walking down streets. You're not going to get mugged.
Mr. President, if you do reach a deal with Ukraine and Russia, would you drop the additional tariffs on India?
Well, we'll determine that later, but right now they're paying a 50% tariff. Okay.
Yeah. One for Mr. Cook as well on the president wants a made in the USA iPhone. What are the chances that you can actually make that happen?
Well, if you look at the bulk of it, we're doing a lot of the semiconductors here. We're doing the glass here. We're doing the Face ID module here. And so there's a ton of it. And we're doing these for products sold elsewhere in the world. And so there's a lot of content in there from the United States.
What about the whole thing?
Can you make the whole thing?
The whole thing is just the final assembly that you're focused on and that will be elsewhere for a while. He makes many of the components here and we've been talking about it and the whole thing is set up at other places and it's been there for a long time. So in terms of cost and all but I think we may incentivize him enough that one day he'll be bringing that but he brings most of this stuff. Look, he's not making this kind of an investment anywhere in the world. Not even close. He's coming back. I mean Apple's coming back to America. Thank you.
Mr. President, Indian officials have said that there are other countries that are buying Russian oil like China for instance more. Why are you singling India out for these additional sanctions?
It's only been eight hours. So let's see what happens over the next section. You're going to see a lot more. You're going to see so much secondary sanctions. Yes, ma'am.
Sorry. You were the driving force behind Operation Warp Speed. These mRNA vaccines that are the gold standard. Now, your health secretary is pulling back all the funding for research. He's saying that the risks outweigh the benefits, which puts them at odds with the entire medical community and with you. What is going on?
Well, we're going to look at that. We're talking about it and they're doing a very good job. And you know that is a pass. Operation Warp Speed was whether you're Republican or Democrat considered one of the most incredible things ever done in this country. The efficiency, the way it was done, the distribution, everything about it has been amazing. But that was now a long time ago and we're on to other things. But we are speaking about it. We have meetings about it tomorrow, actually tomorrow at 12:00 and we'll determine. We're looking for other answers to other problems, to other sicknesses and diseases, and I think we're doing really well. Yes, ma'am.
