President Donald Trump announced on Wednesday that Apple will invest an additional $100 billion in the United States, a move that could help it sidestep potential tariffs on iPhones.

The new pledge raises Apple’s total domestic investment commitment in the US to $600 billion over the next four years. The announcement centres on expanding Apple’s supply chain and advanced manufacturing footprint, but still falls short of Trump’s demand that Apple begin making iPhones domestically.

“Companies like Apple, they’re coming home. They’re all coming home,” Trump said in the Oval Office, moments after Apple CEO Tim Cook gave him a US-made souvenir with a 24-karat gold base.

“This is a significant step toward the ultimate goal of ensuring that iPhones sold in America also are made in America,” Trump added.

Asked if Apple could eventually build entire iPhones in the US, Cook noted that many components such as semiconductors, glass and Face ID modules are already made domestically, but said that final assembly will remain overseas “for a while”.