Apple has found a way to get out of the crosshairs of President Donald Trump’s trade war. The key is simple: stroke the president’s ego. On Wednesday, Trump said Apple would be spared a looming 100 percent tariff on semiconductors that could have raised the price of iPhones around the world. The same day, the company said it would spend an additional $100 billion in the U.S. and presented the president with a gold statue custom-cut for him.

The Reuters report confirmed an Apple filing on Wednesday in which it said Trump had agreed to exempt its import of semiconductors from tariffs levied on goods from China. It comes on the same day the company announced it would spend an additional $100 billion in the U.S., a pledge made in tandem with a personal gift for Trump: a custom-cut gold statue.

Cook said the sculpture was produced by Corning, a longtime supplier to Apple that produces specialty glass for its iPhones. An employee at Apple who had previously served as a corporal in the U.S. Marine Corps cut the piece from a large circle of glass featuring a large Apple logo in the center, according to Cook. “It’s made by hand from a piece that came from Utah,” Cook said of the statue, adding that it sat atop a 24-karat gold base etched with Trump’s name. Cook added his own finishing touch, signing a note next to the statue that read, “Made in America.”

Trump seemed to be pleased by the personal gift, telling a crowd in the Oval Office that Apple and other companies that build plants in the U.S. will be “tariff-free” when the chip tariffs are eventually implemented. “This is a company that is building these factories in the U.S.A. with, I think, a minimum of four, and we are going to have no charge when the tariff goes on, which will be a big tariff on China, which should be going on for some time,” Trump said.

The optics are a marked shift from months of public haranguing by Trump over where Apple chooses to locate its supply chain. Last spring, the president railed against Apple for shifting iPhone production to India, rather than to the U.S. He told reporters in April the U.S. trade policies were making Apple iPhones “totally ‘Made in America.’”

Trump was more blunt in May, telling reporters as he was traveling in the Middle East that he has “a little problem with Tim Cook.” A source familiar with the conversation told Reuters that Trump later called Cook to say, “We are treating you really good, we put up with all the plants you built in China for years. We are not interested in you building in India.”

Moving production for Apple’s flagship product to the U.S. would be a complicated and lengthy process that analysts have long said could take years, if it can happen at all. But the Trump administration nevertheless pushed the idea that it was a possibility and could be done quickly. Commerce Secretary Howard Lutnick suggested in April that Apple could replicate the precision of its factories in China with “robotic arms.”

Cook has since taken a softer tack in his charm offensive, which has convinced Trump to back off on some of his more immediate demands. While Trump said in April that Apple would face a 25 percent tariff if it did not assemble iPhones in the U.S., he now calls Apple’s recent announcements “a significant step toward the ultimate goal of ensuring that iPhones sold in America also are made in America.” For now, Trump has relented on asking that it all happen immediately.

Cook said some parts of the iPhone are already made in the U.S., including semiconductors, glass, and Face ID modules. But he did not provide a timeline for when complete assembly might take place in the U.S., and said that would continue to be done overseas “for a while.”

Apple’s playbook here, which Cook has deployed since Trump’s first term, is to sweeten the pot for Trump with U.S. investment pledges and avoid meeting his more aggressive demands. In 2017, Trump claimed Apple would build three “big, beautiful plants” in America, but only one was built. It made face masks, not iPhones. In 2019, Trump visited a Texas plant he said could make iPhones, but the company earmarked the facility for MacBook Pros. For Apple, Trump’s America-specific demands have repeatedly appeared to be a mirage.

As for Apple’s new investment pledge to create $600 billion in the U.S. over four years, some analysts said it tracks with what the company would have said regardless of tariffs and matches promises the company made during the Biden administration and in Trump’s first term. In other words, it’s possible Apple isn’t offering Trump much that it hadn’t already intended.

The president has said companies could be hit with retroactive tariffs if they don’t follow through on investment promises. But Apple is so far proceeding on a pre-existing investment path and leaving iPhone assembly overseas. The cost-benefit analysis on tariffs has not changed, and Trump has chosen not to push it—at least for now.

Wall Street is rewarding Apple’s clever diplomacy. “This is a savvy solution to the president’s demand that Apple manufacture all iPhones in the U.S.,” Nancy Tengler, CEO and chief investment officer of Laffer Tengler Investments, which owns Apple shares, told Reuters.

Cook has proven once again he can effectively use a mix of personal charm, symbolic gestures, and non-binding pledges of investment to win time and space in Trump’s trade war. The president is trying to take credit for an American-made iPhone. In the meantime, Apple can keep the complicated parts of its manufacturing process overseas.