Apple to spend $1 billion to support advanced manufacturing in the US

By Jose Jefferies | May 09, 2017
Apple intends to boost the United States manufacturing sector by creating a $1 billion "advanced manufacturing fund."

According to Apple CEO Tim Cook, some of that initial money will go toward a company. The tech giant will to partner with the company.

Cook made the announcement Wednesday on CNBC. The announcement comes after months of scrutiny by President Donald Trump on jobs, manufacturing and the world economy.

However, Cook did not appear to suggest that Apple's decision was influenced by Trump.

But Trump has praised companies such as Carrier, Softbank and Charter Communications for promising to employ more Americans despite the fact that some of the pledges predated his tenure.

Unlike those companies, Cook's announcement was not a hiring promise, but simply a pledge to promote U.S manufacturing with its new fund.

"We've talked to a company we're going to invest in already," Cook said.

According to Cook, Apple plans to invest in programs that can train people how to code.

Much of the funding for this initiative will be borrowed, rather than sourced from Apple's substantial cash reserves.

Cook has in the past spoken about the shortage of U.S workers who can perform advanced manufacturing.

Unlike conventional manufacturing, advanced manufacturing often requires specialized skills to produce highly engineered components that are used in Apple's products.

"The U.S, over time, began to stop having as much vocational kind of skills," Cook told 60 Minutes in 2015.

The company has taken the initiative to highlight a commitment to U.S jobs. In 2013, it announced it would begin producing its high-end Mac Pro computer in Texas.

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