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It's a $500 million deal.
Transcript
00:00As President Donald Trump continues to pressure American companies to build their products
00:04in the U.S., Apple just took a big step in that direction.
00:08The iPhone maker struck a $500 million deal with rare earths company MP Materials.
00:14Apple will now buy rare earth magnets directly from the company as it tries to strengthen
00:18its U.S. supply chain.
00:20Of the deal, Apple CEO Tim Cook said, American innovation drives everything we do at Apple
00:26and we're proud to deepen our investment in the U.S. economy.
00:29MP Materials said it will create new magnet manufacturing lines dedicated to Apple products.
00:34Those lines are expected to support hundreds of millions of Apple devices, which will start
00:39being shipped out in 2027.
00:42Earlier this year, Apple committed to a $500 billion investment to expand its U.S. operations
00:47and reduce its reliance on China.
00:50That'll do it for your Daily Briefing.
00:52From New York City, I'm Caroline Woods with The Street.

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