Apple Announces $1 Billion Fund to Invest in Creating U.S. Manufacturing Jobs

Timothy D. Cook, Apple’s chief executive, last year. On Wednesday, he announced a fund to promote advanced manufacturing jobs. (Marcio Jose Sanchez/Associated Press)

While on the campaign trail last year, Donald J. Trump lamented the loss of manufacturing jobs in the United States and set his sights on companies like Apple to help rectify the situation. “I’m going to get Apple to start making their computers and their iPhones on our land, not in China,” he said.

On Wednesday, Apple appeared to meet President Trump halfway.

While it did not announce a new manufacturing facility with thousands of manufacturing jobs, Apple, the world’s most valuable public company, said it planned to dedicate resources to American job creation with a $1 billion fund to invest in advanced manufacturing in the United States. The company said it would announce the first investment from its new fund later this month.

The fund “can be the ripple in the pond,” Timothy D. Cook, Apple’s chief executive, said during an interview with CNBC in which he announced the new fund. “Those manufacturing jobs create more jobs around them because you have a service industry that builds up around them.”

In introducing the fund, Apple joined a growing list of companies that have said in recent months that they will add, promote or keep jobs — many of them related to manufacturing — in the United States.

Carrier, a furnace maker that had been excoriated by Mr. Trump for potentially outsourcing jobs to Mexico, decided to keep 800 of 1,400 jobs in Indianapolis. SoftBank, a Japanese company that has invested in many businesses worldwide, told Mr. Trump it would use a $100 billion technology fund to create 50,000 American jobs. This week, Infosys, a tech outsourcing company based in India, said it would hire up to 10,000 American workers.

Some critics have suggested the Trump administration is too focused on manufacturing, as opposed to more quickly cultivating service occupations — in the leisure and hospitality or health care industries, for instance.

Click here to read more.

SOURCE: NY Times, Katie Benner and Nelson D. Schwartz