Apple to invest $350 b in United States in 5 yrs

Apple to invest $350 b in United States in 5 yrs

Apple on Wednesday announced plans to spend more than $350 billion and add 20,000 jobs over the next five years.

According to a company statement, Apple plans to establish a new campus in a new location, which will initially house technical support for customers.

President Trump tweeted that Apple's decision is a "huge win for American workers and the US!"

After the announcement Trump delivered a speech in Pittsburgh in which he commended Apple's plans to invest in the country's economy.

President Donald Trump sang Apple's praises on Thursday, a day after the company unveiled an ambitious - but vague - USA investment plan.

"I just called Tim cook and I thanked him", said Trump. "In the news, I heard $350 billion, I thought, 'You mean $350 million? But I don't imagine there has ever been an investment that big in this country".

Throughout his campaign, Trump went after Apple and other companies for manufacturing their products overseas.

"If someone told me six years ago about the progress this city would make and the opportunities it would have moving forward, I would have taken that as an outcome that we couldn't have expected to be better", Hill said. Meanwhile, Apple supplier Finisar previously announced in December it will open up a facility in Sherman, Texas. He also boasted about keeping his promise on his policies. But under the new tax law, the company can bring back the money at a reduced rate. "Huge win for American workers and the US!"

By switching to a new system that's created to focus on domestic economic activity, congressional tax writers also imposed a two-tiered levy on that accumulated foreign income: Cash will be taxed at 15.5 percent, less liquid assets at 8 percent.

"Cook has been sensitive to criticism that Apple's been dodging US taxes".

He also attributed his policies for allowing Apple to bring "massive amounts of money" back into the U.S.

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