Apple struck a deal with rare minerals company MP Materials.
Transcript:
CAROLINE WOODS: As President Donald Trump continues to pressure American companies to build their products in the U.S., Apple just took a big step in that direction. The iPhone maker struck a $500 million deal with rare earths company MP Materials. Apple will now buy rare earth magnets directly from the company as it tries to strengthen its U.S. supply chain.
Of the deal, Apple CEO Tim Cook said “American innovation drives everything we do at Apple, and we’re proud to deepen our investment in the US economy.”
MP Materials said it will create new magnet manufacturing lines dedicated to Apple products. Those lines are expected to support “hundreds of millions of Apple devices,” which will start being shipped out in 2027.
Earlier this year, Apple committed to a $500 billion investment to expand its U.S. operations and reduce its reliance on China.
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