Apple CEO Tim Cook on Wednesday presented President Donald Trump with a one-of-a-kind, U.S.-made glass plaque and walked away with an assurance that Apple's expanding "American Manufacturing Program" will spare the company from a looming 100% tariff on imported semiconductors and chips.

What Happened: Cook handed Trump a circular slab of Corning Gorilla Glass etched with the presidential seal and Cook's signature, mounted on a 24-karat-gold base fabricated in Utah. "It is a unique unit of one," Cook told reporters, noting that the piece was designed by a former Marine who now works for Apple.

During the Oval Office event, Cook said Apple will add $100 billion to its existing $500 billion domestic-investment pledge, bringing the total to $600 billion over four years. He added that 100% of iPhone and Apple Watch cover glass will soon be produced in Kentucky, expanding a Corning partnership first unveiled in 2021.

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Trump used the ceremony to tout a proposed 100% tariff on foreign-made chips, but said, "The good news for companies like Apple is if you're building in the United States … there will be no charge," he added. The White House warned that companies reneging on U.S. promises could face retroactive duties.

Why It Matters: "In terms of the longer-term issues, more than a year out, I would say tariffs are probably 20% of it," said Gene Munster, managing partner at Deepwater Asset Management, according to CNN. Cook told investors last week that tariffs already cost the company $800 million last quarter and may hit $1.1 billion in the September period.

Cook's latest offering to Trump follows earlier gift-diplomacy. As per CNN, Trump's final 2021 financial disclosure lists a $5,999 MacBook Pro from Apple’s chief. In 2019, Cook secured more tariff carve-outs after what Trump called ‘direct’ chats, according to a CNBC report.

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