Apple CEO Promises $1 Billion Fund To Promote ‘Made in America’ Trend


Donald Trump has been putting pressure on large tech companies like Apple to manufacture their products in the U.S. Though most of Apple’s products are assembled in different parts of Asia currently, CEO Tim Cook made some big revelations that should appease the President in an interview with CNBC’s Jim Cramer on Wednesday.

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Apple creating $1 billion fund to promote U.S. manufacturing

Apple may not be planning to build the iPhone or its other products in the U.S. any time soon, but Cook said that the company is planning to create a fund to support advanced manufacturing in the U.S.

“We’re initially putting $1 billion in the fund,” the CEO said, adding that the company will announce the first investment from the fund in May.

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Cramer asked Cook about creating jobs: “You’re a huge company. What are you doing to create jobs?”

Cook responded by saying that many people ask him if he thinks it is Apple’s job to create jobs, to which he replies by saying that a company should have values because it is a collection of people.

“We give back through our work in the environment, in running the company on renewable energy. We give back in job creation,” Cook said.

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. He told Cramer that over 25,000 employees are in research and development, while 6,000 are working at Apple’s facility in Austin, Texas. Many employees are also working at Apple’s retail stores.

If you are wondering about where the others are, Cook is also counting U.S. suppliers that make components like 3M adhesives and Corning glass, which are used in iPads and iPhones. Cook said that the company spent over $50 billion in the U.S. last year. Further, he told Cramer that they are not satisfied with just 2 million and will be hiring thousands more employees in the future.

What’s in it for the developer community?

Cook also talked about the developer community, saying that it is nearly 1.5 million people currently and includes people from really small businesses to large companies.

“And they’re writing apps that change the world. 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.

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.”

Further, the Apple CEO said they already invest in the developer community in several ways like by offering WWDC scholarships, opening a new developer center in India, etc. Cook also commented on Apple’s plans to double its services category by 2020 and pursue opportunities related to television and original programming.

The complete video and transcript of the wide-ranging conversation can be found here.

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