Apple makes $1B commitment toward more US manufacturing jobs

Tim Cook U.S. Jobs

"And we're giving them the platform", Cook said, adding that developers have created an incredible store which lets them sell their product in 155 countries in the world.

Apple's move comes amid a rush by companies to respond to Trump's constant call to bring manufacturing jobs to this country - some companies have announced new, or sometimes nearly new, jobs alongside the president in recent months.

Apple intends to invest in programs that can train workers how to code - but that much of the money for this effort will be borrowed rather than drawn from its substantial cash reserves, much of which Cook said are locked up overseas.

He further said that Apple's efforts alone might not help the US job market, but they will go a long way in creating the infrastructure that will in turn, create more jobs.

"We're really looking at this thing deeply", Cook said. Apple plans to announce the first investment from this fund later this month.

Cook said they have created 2 million jobs in the U.S. He mentioned this on Apple's recent earnings call as well; however, during the interview, he was more forthcoming about where those jobs went, notes Macworld.

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"We are initially putting one billion dollars in the fund".

Cook used his interview to also point that Apple directly employees 80,000 people in the United States, either at the company itself or its suppliers and software developers its app ecosystem.

During a conference call with analysts, Cook said Apple was seeing a "pause" in iPhone purchases that he felt was caused by unconfirmed "reports about future iPhones".

Cook told Cramer that Apple already told the unidentified firm that it is investing in to further the project. Apple's contribution amounts to a tiny fraction of its $257 billion in cash. And you look at this and you go, 'This is kind of freaky.' You want people to use this money in the United States to invest more. This represents an increase of $9.4 billion in the past three months, sending a clear signal that the company continues funneling money offshore to avoid USA taxes on a scale unmatched by any other US company. "Our good position is: we can borrow". And so, to invest in the United States, we have to borrow. "This doesn't make sense on a broad basis and so, I think that the administration [wants] to bring this back and I hope that comes to pass".

When host Jim Cramer asked if Apple can expect monetary repatriation tax relief from the Trump administration as a favor for a move that fits within the president's political agenda to get Cupertino to "build their damn computers" domestically, Cook denied it in favor of corporate tax reform.

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