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Apple CEO Tim Cook told The Wall Street Journal in an interview that his company is raising its prices.
In an interview published Wednesday by the Journal, Cook said the tech company is set to increase the prices of its products in an attempt to counteract rising memory and storage chip costs.
“Unfortunately, price increases are unavoidable,” Cook said. “We’re doing our best to mitigate the huge increases that are being passed to us, and we’ve been trying to shield our customers from the increases, but the situation has become unsustainable.”
He did not offer information about how widespread the increases will be or when they will occur, per the Journal.
Early Thursday, President Trump announced Apple would collaborate with semiconductor manufacturer Intel to design and make chips in the U.S. In a Truth Social post, Trump said U.S. companies “design everything” but “need to build it here,” including the production of semiconductor chips for artificial intelligence systems.
“Stupid Presidents took our Economy for granted, and let Taiwan and others steal our Semiconductor Factories. They forgot to protect our Industries with TARIFFS,” Trump wrote, also saying it was clear when he won his second term in the White House that “America needed its Semiconductor Industry to come back to the U.S.A.”
Taiwan Semiconductor Manufacturing Company has mostly been used by Apple to make its chips, however, the Intel partnership will let the tech company expand its options.
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