Washington, Aug. 7 -- Technology giant Apple has announced a major push to expand its manufacturing base in the United States, including a decision to exclusively use rare-earth magnets made in the country.

The announcement came during a press conference held on Wednesday (US time), where Apple CEO Tim Cook appeared alongside US President Donald Trump.

Cook stated that Apple will now source only American-made rare-earth magnets for its devices. These magnets will be developed by MP Materials, the only fully integrated rare-earth producer in the United States.

He stated, "This year alone, the American manufacturers are on track to make 19 billion chips for Apple in 24 factories across 12 different states. Second, we're committed to buyi...