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Apple to set up $1bn US manufacturing fund

Apple to set up $1bn US manufacturing fund

When asked if Apple would even put its own money forward to empower the next generation of developers or to train more people to code, Cook said, "We would and we will and you'll be hearing more about that across the summer". Cook's initiative was apparently not influenced by Trump; the president had earlier praised companies such as Carrier, SoftBank and Charter Communications for promising to hire more American workers.

Unlike those firms, Apple's announcement was not a hiring promise; the company simply said that it was hoping to promote us manufacturing with its new fund.

Cook added that Apple already talked to "a company" - which he did not name - about this plan.

Cook said passing a repatriated tax break, which Trump's administration has suggested, would be good for USA companies because it would allow those companies to invest domestically.

If you are wondering about where the others are, Cook is also counting USA suppliers that make components like 3M adhesives and Corning glass, which are used in iPads and iPhones.

"Advanced manufacturing" is a bit vague, but generally speaking, it's an umbrella term that encompasses creating technologically advanced products or improving the processes by which those products are created. "You're the first person I'm telling", Cook told Cramer, who was visibly surprised by the news. "In China, you would have to have multiple football fields".




Apple does manufacture one product in the United States - it assembles Mac Pros at a plant in Austin, Texas through a partnership with Flextronics.

But in recent years, the Mac Pro's reputation has faltered amid complaints that the device is hard to upgrade and poorly suited for next-generation computing. And while Apple's tiny cadre of workers in North Dakota is the fewest it employs in any USA state, it does mean that the company has employees in every single state.

In the wake of the announcement, Imagination Technologies' share price entered free fall by as much as 70pc, with the majority of its revenue coming from Apple. That unit earned $7 billion in revenue last quarter, but Apple is trying to double the amount of money it earns from services by 2020, likely to make itself less of a slave to device sales.

"That is clearly what is going on", Cook said.

A massive part of President Trump's presidential campaign centred on bringing manufacturing jobs back to the U.S. from countries like China.

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