Apple shares pop 5% ahead of Trump-Cook investment announcement at White House

Apple shares popped 5% Wednesday, ahead of an Oval Office event touting an update to the company’s stated plans to spend and invest in the U.S.

CEO Tim Cook will join President Donald Trump for the announcement set for 4:30 p.m. ET.

Apple will up its previous commitment, made in February, from $500 billion to $600 billion over the next four years, a White House official told CNBC.

It will also announce a new manufacturing program called the American Manufacturing Program, the official said.

Cook has had a mixed relationship with Trump over the past year. While Trump has praised the Apple CEO in the past, in recent months he has said he has a “problem” with the executive and has pushed for Apple to assemble its iPhones in the U.S., not China or India.

Apple faces over $1 billion in increased costs this quarter because of Trump’s tariffs on imports —primarily related to China — and Cook reminded investors last week that “the vast majority” of its products would be subject to pending new tariffs under a Section 232 investigation.

“We obviously try to optimize our supply chain, and ultimately we will do more in the United States,” Cook said.