Apple announced on Wednesday that it will invest $350 billion in the U.S. economy over the next five years, in part thanks to the recently passed Tax Cuts and Jobs Act.
Apple touted that its investment will create 20,000 new jobs as well as a new campus. The Silicon Valley giant also revealed that it expects tax repatriation of roughly $38 billion, signaling that it will bring a sizable portion of its $250 billion overseas profits back to the United States.
Apple chief executive Tim Cook said in a statement:
Apple is a success story that could only have happened in America, and we are proud to build on our long history of support for the U.S. economy. We believe deeply in the power of American ingenuity, and we are focusing in areas where we can have a direct impact on job creation and job preparedness. We have a deep sense of responsibility to give back to our country and the people who help make our success possible.
Apple previously promised to invest more in American manufacturing; Apple told CNBC in May 2017 that it will spend $1 billion to promote advanced manufacturing jobs in the United States. Apple announced on Wednesday that they will grow their investment in domestic manufacturing to $5 billion.
In 2016 president-elect Donald Trump called out Apple’s reliance on Chinese manufacturing and told the New York Times that he will ”get Apple to build a big plant in the United States or many big plants in the United States.”
The American economy continues to prosper under President Donald Trump.
Walmart, America’s largest private employer, announced last week that they will provide a one-time bonus, raise wages, and expand benefits to their employees in response to tax reform.
Well over 100 American companies gave their employees up to $2,000 in bonuses after President Trump signed the Tax Cuts and Jobs Act. Several corporations such as AT&T, Comcast, and Nationwide also increased their 401(k) match rate, raise their minimum wages, and increased domestic investment because of the Republican tax bill.
American unemployment claim benefits remain at a record 17-year low and American consumer sentiment reached its highest level since 2000.
President Trump tweeted on January 13, “Yesterday was a big day for the stock market. Jobs are coming back to America. Chrysler is coming back to the USA, from Mexico and many others will follow. Tax cut money to employees is pouring into our economy with many more companies announcing. American business is hot again!”