Trump Talks With Apple’s Tim Cook As iPhone Price Hikes Loom – Stock Rallies On US-China Tariff Pause

U.S. President Donald Trump said he spoke with Apple’s (AAPL) CEO, Tim Cook, on Monday about raising the company's investment in the country to more than the initial $500 billion pledged in February. 

“He’s going to be building a lot of plants in the U.S. for Apple,” Trump said during a press conference.

Apple’s stock rose more than 5.5% in afternoon trade as broader markets also rallied after the U.S. and China announced a 90-day pause on tariffs.

The U.S. President’s comments come after Apple warned in its 10-Q filing that it may have to raise prices on its products and services. According to Morgan Stanley analyst Erik Woodring, this opens the door for potential pricing increases in the September quarter with the iPhone 17 launch.

According to a Wall Street Journal report, Apple plans to raise prices on its upcoming fall iPhone lineup despite the recent tariff truce between the U.S. and China. 

The company intends to justify the increases with new features and design upgrades. It is reportedly “determined” to avoid any perception that the higher prices are tied to U.S. tariffs on Chinese-made goods, where most of its devices are assembled.

Ahead of the tariff announcement, Apple stockpiled devices. IDC data shows that it shipped 57.9 million iPhones in the first three months of the year — a 10% jump from the prior year and a record for the company. These data estimates are for factory shipments, not final sales to consumers.

Apple also announced plans to shift manufacturing for the U.S. market to India. According to Cook, most iPhones shipped between April and June are expected to originate from Indian facilities.

Apple’s stock is down 15% year-to-date but has gained 13% over the past 12 months.

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Read also: Bessent Signals Fresh US-China Talks For A More ‘Fulsome Agreement’ After 90-Day Tariff Pause