Apple steps up its effort to emphasize its economic impact
- Author: Zachary Reyes May 04, 2017,
May 04, 2017, 23:46
Tim Cook says Apple will invest $1 billion to boost US manufacturing.
USA -based suppliers such as Corning, which provides glass for the iPhone and iPad, and 3M, which Apple calls on for adhesive materials, credit the company for 450,000 jobs. And I'm proud to tell you that we're creating an advanced manufacturing fund.
He further said that Apple's efforts alone might not help the USA job market, but they will go a long way in creating the infrastructure that will in turn, create more jobs.
"A company should have values because a company is a collection of people, and people should have values", Cook said. Cook announced the opening of the Texas plant in 2012, along with a $100 million investment, close to two years after President Obama asked Apple founder Steve Jobs what it would take to manufacture iPhones in the United States. Some 2 million new jobs were created in the past 12 months, and over $50 billion was spent in the US.
Apple has about 80,000 employees in the USA and plans to hire thousands more "in the future", according to Cook. How do we grow our employee base? This ostensible decision of the heart very clearly became something more strategic, as Cramer noted that while a billion is a big number, it's relatively tiny given Apple's liquid war chest, which now tops $250 billion in cash. In an exclusive CNBC interview, Cook revealed promoting manufacturing jobs was a priority for Apple.
Here are some of the other companies investing big in US manufacturing.
Apple also launched a new website that highlights how many jobs it has contributed to the United States, putting in one place its regular talking points about its economic benefit to this country. "Our good position is: we can borrow".
Cook did not however say that Apple would repatriate cash back into the United States if Trump's tax proposal was enacted. And so, to invest in the United States, we have to borrow. "This doesn't make sense on a broad basis, and so I think the administration, you saw that they're really getting this and want to bring this back and I hope that that comes to pass".