Apple to set up $1bn USA manufacturing fund
- Author:Ella Cai
- Release on:2017-05-06
Responding to President Trump’s call for job-creation in the USA, Apple is to set up a $1 billion fund to promote “advanced manufacturing”.
The first investment of the find is to be announced later in May.
“A company should have values because a company is a collection of people, and people should have values,” says Apple CEO Tim Cook ‘one of the things you should do is give back.”
Apple will borrow the $1 billion for the fund despite having quarter of a trillion dollars lodged off-shore. “To invest in the US, we have to borrow,” said Cook, citing the tax liability.
President Trump has said he is going to act to make repatriating foreign revenues less costly in tax liability.
On the campaign trail the President specifically mentioned taxing Apple for having its products made abroad.
Apple’s Chinese assembler Hon Hai is looking at building factories in the USA.
Cook mentioned that Apple spent $50 billion last year with US suppliers.
The first investment of the find is to be announced later in May.
“A company should have values because a company is a collection of people, and people should have values,” says Apple CEO Tim Cook ‘one of the things you should do is give back.”
Apple will borrow the $1 billion for the fund despite having quarter of a trillion dollars lodged off-shore. “To invest in the US, we have to borrow,” said Cook, citing the tax liability.
President Trump has said he is going to act to make repatriating foreign revenues less costly in tax liability.
On the campaign trail the President specifically mentioned taxing Apple for having its products made abroad.
Apple’s Chinese assembler Hon Hai is looking at building factories in the USA.
Cook mentioned that Apple spent $50 billion last year with US suppliers.
