Apple may not, in Donald Trump’ s words, be about to “ build their damn computers in this country, ” but it is going to help boost advanced manufacturing jobs in the US through a $1 billion fund.<\/b>
\nApple may not, in Donald Trump\u2019s words, be about to \u201cbuild their damn computers in this country, \u201d but it is going to help boost advanced manufacturing jobs in the US through a $1 billion fund.
In an interview with Mad Money \u2019s Jim Cramer, CEO Tim Cook said the fund would help Apple be \u201cthe ripple in the pond, because if we can create many manufacturing jobs around, those manufacturing jobs create more jobs around them because you have a service industry that builds up around them.\u201d
The move could go some way towards placating President Trump, who has repeatedly called for US companies to move manufacturing jobs from overseas locations such as China back to American soil.
The first beneficiary of the fund will be announced later in May. Cook didn\u2019 t go into specifics, but he did say Apple has \u201ctalked to a company that we\u2019 re going to invest in.\u201d
Cook said Apple would borrow the $1 billion rather than using the cash it has stored overseas, as this method is cheaper than paying taxes to bring the money back into the US. Apple reportedly has about $256.8 billion cash on hand, but 93 percent of that is held abroad.
While there have been some reports that Apple could bring iPhone production to the US, the chances of it moving its large-scale manufacturing operations from China seems highly unlikely.
In another part of the interview, Cook said rumors about the upcoming iPhone 8 were having a negative effect on iPhone 7 sales.
\u201cThere are more rumors floating and more press articles and mentions of new things. And when that happens a percentage of people delay, \u201d said the CEO. \u201cAnd so yeah, we see a piece of that. That probably affects us more in China than other places because there\u2019s a tendency there to buy the latest thing.\u201d<\/p>\n

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