That’s not to say tariffs won’t hurt; CEO Tim Cook said tariffs will likely cost the company $1.1 billion this quarter. But analysts say Apple has bigger concerns, such as its future product strategy and approach to artificial intelligence, a burgeoning field that the tech behemoth is perceived to be behind in.

Shares of Apple climbed more than 3% premarket on Thursday following the news. Apple says that the $100 billion announcement includes its new American Manufacturing Program (AMP),

President Trump's 'America First' trade policy has introduced tariffs on imported goods, aiming to boost domestic manufacturing and protect jobs. However, this strategy has led to global economic volatility and increased costs for businesses and consumers.