Apple to reinvest Trump tariff refunds in US economy, says Tim Cook

Apple is working to get refunds for tariffs previously paid to the U.S. government but will reinvest any money it recovers in the country, Apple CEO Tim Cook said on Thursday.

Apple has disclosed more than $3.3 billion in tariff costs during the second administration of U.S. President Donald Trump. During a ‌conference call ⁠with analysts ⁠to discuss its quarterly financial results on Thursday, the company did not update that figure, ​nor provide a specific expected refund amount, but Cook said costs had been lower ​in the fiscal quarter ending March 28.

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"In terms of applying for a refund of tariffs paid, we're following the established processes, and we plan ​to reinvest any amount we receive back into ⁠U.S. innovation ‌and advanced manufacturing," Cook said during the conference call. "These would ​be new ​investments, and would be in addition to our prior commitments ⁠in the U.S."

Apple last year said it plans to spend $600 billion with its U.S.-based suppliers, which include firms such as Corning , which makes glass for iPhones and other products in the U.S. state of Kentucky. Apple is now assembling artificial intelligence servers and some of its Mac Mini computers in Houston.

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Trump said last week that he will "remember" companies that do not seek refunds, suggesting that ‌they could somehow benefit by not asking for their tariff payments back. His comment came during a call to CNBC ​that he was ​pleased to hear ⁠about media reports that Apple, Amazon and some other large firms had not yet sought refunds.

Apple joins several large automakers that said they are anticipating some $2.3 ​billion in tariff refunds, including Ford , GM, Stellantis and Mercedes-Benz . The U.S. Customs and Border Protection agency is in the process of accepting refund applications through an automated system, with the first payments due to go out around May 11.