Apple launching $1B fund to boost to U.S. jobs market

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USA electronics manufacturer Apple has today announced a new fund to invest in manufacturing in the United States.

CEO Tim Cook made the announcement last night in a CNBC interview with Mad Money host Jim Cramer, and he says that Apple plans to announce its first investment later this month.

Cook also said that Apple will employ "thousands of employees, thousands more in the future" in the USA, but didn't provide details on when or how that will happen. 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.

Apple intends to invest in programs that can train workers how to code, Cook added. However, a lot of the money for this effort will be borrowed and not drawn from Apple's substantial cash reserves. Advanced manufacturing differs from typical manufacturing in that it often requires specialized skills to produce highly engineered components that go into Apple's products.

Apple is highlighting its United States presence at the same time lawmakers consider a major tax proposal by Trump that would let Apple, along with other large companies, bring back accumulated profits from overseas at potentially lower tax rates.

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A year ago he branded then United States president Barack Obama a "son of a whore" for criticizing the drug war. And he often spoke warmly of President Vladimir Putin of Russia-until differences over Syria erupted.

The announcements were the latest in a series of disclosures to highlight how Apple, the world's largest company by market valuation, contributes to job creation in the US.

Even as it pledges to spend big on what Trump views as a major priority, Apple and other tech companies still have billions of dollars in revenues stashed overseas.

"To invest in the United States, we have to borrow".

Amazon announced that it would create 100,000 jobs in the USA over the next two years, while Intel pledged to invest $7bn in a chipmaking plant in Arizona.

"We ask ourselves, 'How can we increase it further?"