Apple seems to have discovered a new strategy to survive President Donald Trump’s trade war: stroke his ego. On Wednesday, Trump said the company would be exempt from an impending 100 percent tariff on semiconductors that could have driven up iPhone prices in all global markets. The exemption, which Reuters first reported on, coincided with Apple’s announcement that it would invest another $100 billion in the U.S., while also gifting the president a special, personalized statue.

Apple CEO Tim Cook said the statue was made by Corning, a longtime Apple supplier, which makes specialty glass for the iPhone. It was cut into a big glass circle with an “awesome, big Apple logo in the middle” by a former U.S. Marine Corps corporal now working at Apple, Cook told reporters. It was made in Utah, Cook said, and came on a 24-karat gold base engraved with Trump’s name. Cook himself added a “Made in America” inscription at the bottom, signing it.

Trump, for his part, has spent much of his tenure pressuring corporations to produce more goods in the U.S. The president seemed pleased by the gift on Wednesday: while presenting the statue in the Oval Office, he announced that Apple, and “any company that is coming into our country and building big plants, no charge.”

The news is a major win for Apple, which has spent months weathering public criticism from Trump over the geographic distribution of its supply chain. But the turn of events comes after a challenging few months for the company. Trump spent much of the spring berating Apple for moving part of iPhone production to India rather than building it in the U.S. In April, he promised a “Made in America” iPhone would be the result of his trade war. The insults grew harsher in May, with Trump declaring he had a “little problem with Tim Cook” while he was in the Middle East. Trump reportedly told Cook, “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.”

Analysts have long said that such a move would be difficult at best, and might take years to become a reality, if it can be done at all. But the Trump administration pushed ahead with the narrative that the move was possible and imminent. Commerce Secretary Howard Lutnick went so far as to suggest that Apple was “studying using robotic arms to mimic those who do the ultimate manufacturing in China.”

Cook has deftly navigated Trump before, staving off the president’s more extreme demands by promising to make investments in the U.S., rather than shifting production there. During Trump’s first term, Cook promised billions in U.S. investments, ultimately staving off the more aggressive aspects of Trump’s rhetoric. In 2017, Trump celebrated Apple’s pledge to build “three big, beautiful plants” in the U.S. But only one plant was built—manufacturing face masks rather than iPhones. In 2019, Trump visited an Apple plant in Texas, promising it could “start making iPhones.” In fact, Apple committed the facility to the production of MacBook Pro.

Now, Cook has said that Apple will spend a total of $600 billion in the U.S. over the next four years. But analysts told Reuters that the sum would likely be in line with Apple’s normal spending. “It’s not an additional amount above what you would have expected,” Daniel Ives, an analyst at Wedbush Securities, told the outlet. A report in April similarly suggested that the $450 billion sum Trump trumpeted earlier this year was in line with spending plans laid out both during the Biden administration and Trump’s first term. In other words, Trump might not be winning much at all.

The president has threatened that companies that fail to follow through on such investments could face retroactive tariffs. But Apple does not appear to be changing its spending plans, or its decision to keep iPhone assembly outside the U.S. The risk calculus for tariffs, therefore, has not changed—and Trump has, for now, decided not to make the issue a priority.

Wall Street seems to agree with this assessment: Apple is making a smart play, analysts say. “It’s a savvy solution to the president’s demand that Apple manufacture all iPhones in the U.S.,” Nancy Tengler, CEO and CIO of Laffer Tengler Investments, which owns Apple stock, told Reuters.

Cook’s gifts and promises of large investments have, for now, provided Apple with a reprieve. Trump will continue to frame the issue in terms of “Made in America,” but Apple is set to keep the production of its most sophisticated devices firmly outside the U.S.—without the threat of tariffs.