Apple shares surge as $100 billion US manufacturing pledge eases tariff fears
Apple AAPL.O shares rise 2.9% to $219.45 in premarket trading on Thursday.
Co on Wednesday said it will invest $100 bln to expand U.S. manufacturing, part of a broader $600 bln reshoring initiative.
U.S. President Donald Trump says a new 100% tariff rate he announced on Wednesday would not apply to companies that have made a commitment to manufacture in the U.S.
Analysts at Citi say concerns over incremental tariff impact on Apple have eased.
American Manufacturing Program partners with Corning, Broadcom, Texas Instruments; iPhone production remains offshore.
The program ropes in key partners like Corning GLW.N, which will produce all iPhone and Apple Watch cover glass in Kentucky, and GlobalFoundries GFS.O, which will manufacture advanced wireless and power management chips at its New York facility.
GLW up 7.6% and GFS up 8.5% premarket.
In May, Trump threatened Apple with a 25% tariff on overseas-made products, reversing earlier exemptions on electronics.
The tariff push cost Apple $800 mln in June quarter.
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