President Trump delivered a public speech in Pittsburgh today where he praised Apple for its plans to invest in the US economy. Trump says he personally called Tim Cook, who he calls “a great guy,” and thanked him for the investment in the country.
Trump specifically describes the $350 billion Apple says it will repatriate as “a lot” and admitted that he originally thought Cook meant million, not billion. Trump added that he “doesn’t imagine there’s ever been an investment that big in this country by a company.”
The President reminded the audience that he previously said he wouldn’t consider his economic efforts to be a success unless Apple built plants in the United States. So far Apple has said it will open a new campus in the future with the specific location being announced later this year. The new campus will house tech support staff.
The speech follows a tweet by the President yesterday in which he stated “Great to see Apple follow through as a result of TAX CUTS. Huge win for American workers and the USA!”
You can view President Trump’s remarks on Apple’s plans below:
Apple hasn’t disclosed specifically what it will do with its cash amount once repatriated, but did say that it expects to pay $38 billion in taxes to bring profits held overseas back to the United States. Apple also increased its Advanced Manufacturing Fund which gives money to domestic suppliers from $1 billion to $5 billion, and says its investments will create 20,000 jobs over the next five years.
The move follows Congress passing legislation to change both corporate and personal tax laws. Cook made a point to praise the corporate tax reform while not touching the personal tax law changes.
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