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President Donald Trump will announce that Apple Inc. will commit to spending another $100 billion on domestic manufacturing, the latest pledge by the tech giant to increase US production of its products as it seeks to avoid punishing tariffs on its flagship iPhones.

The announcement at the White House on Wednesday includes a new manufacturing program designed to bring more of Apple’s supply chain to the US, with an eye toward manufacturing additional critical components domestically, according to a White House official who detailed the announcement on the condition of anonymity.

“President Trump’s America First economic agenda has secured trillions of dollars in investments that support American jobs and bolster American businesses,” White House spokesperson Taylor Rogers said in a statement. “Today’s announcement with Apple is another win for our manufacturing industry that will simultaneously help reshore the production of critical components to protect America’s economic and national security.”

Arabica coffee futures dropped in volatile trading ahead of steep US tariffs on goods from top grower Brazil.

The most-active contract fell as much as 2.1% on Wednesday after gaining more than 4% in the past two sessions. The uncertainty in the market has pushed a 90-day measure of historical price swings to the highest in a month.

Carlyle Group Inc. pulled off a string of private equity exits in the second quarter, boosting earnings during a stretch when some of its buyout rivals struggled to sell out of bets profitably.

Its buyout arm sold $3.7 billion of investments from traditional private equity-style funds — a 12-fold increase from the same period a year earlier, the Washington-based firm said Wednesday in a statement. That helped drive a 26% increase in distributable earnings.

Profit available to shareholders totaled $431 million, or 91 cents a share, beating the 88-cent average estimate by Wall Street analysts surveyed by Bloomberg. Carlyle’s results show that investors are finding ways to squeeze cash out of bets, even as uncertainty over tariffs, interest rates and deal valuations delay the industry’s revival. It’s also a sign that Chief Executive Officer Harvey Schwartz’s focus on improving returns is paying off.

US stock futures posted modest gains as investors assessed a slate of mixed earnings reports against the backdrop of US President Donald Trump’s latest tariff threats and disappointing economic data.

Contracts on the S&P 500 and Nasdaq 100 added about 0.2%. Treasuries dipped, with the 10-year yield rising two basis points to 4.23% ahead of an auction of 10-year notes later Wednesday. A gauge of the dollar declined.

Among earnings-related moves in premarket trading, McDonald’s Corp., Shopify Inc. and Uber Technologies Inc. rose, while Walt Disney Co. dropped. Super Micro Computer Inc. plunged more than 17% after cutting its annual sales forecasts, while Advanced Micro Devices Inc. slumped after the company was unable to give a clear outlook for resuming sales in China.

Russian President Vladimir Putin met with Malaysia’s King Sultan Ibrahim Iskandar at the Kremlin on Wednesday, as the two nations look to shore up ties amid shifting global alliances. It’s the first state visit of a monarch from Malaysia to Russia since diplomatic relations were established with the Soviet Union in 1967.

The visit highlights the deepening ties between Russia and Malaysia despite calls from the US and other leading democracies to punish Moscow for its full-scale invasion of Ukraine that began more than three years ago. Malaysia Prime Minister Anwar Ibrahim has visited Russia twice since coming to power in 2022, and has sought to become a member of the BRICS group of developing nations that includes Brazil, Russia, India, China and South Africa.

Swiss President Karin Keller-Sutter will meet Secretary of State Marco Rubio on her emergency trip to lower the US’s 39% tariff, while it remains unclear if she will also get to see President Donald Trump.

Rubio’s schedule for Wednesday shows a 10:15 a.m. meeting in Washington with Keller-Sutter, though it didn’t provide any further details. The US Secretary of State’s department doesn’t lead negotiations for bilateral deals.

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