At the annual shareholders' meet held at Cupertino yesterday, Apple Inc. AAPL CEO Tim Cook, reportedly, said that the company has spent over $50 billion with suppliers toward manufacturing in the U.S.
Per media reports, Cook further added that Apple has created around 2 million jobs in the country including manufacturing jobs. It has collaborated with 3M, a Minnesota-based manufacturer for supplying adhesives and has Corning Incorporated GLW to supply glass screen for iPhones.
Cook was quoted by media reports saying "We're always looking for more ways to help our country. We know that Apple can only exist in the U.S.” Cook said that nearly 70% its workforce is in the U.S.
Apple has been subject to intense scrutiny by President Donald Trump regarding the “manufacturing” issue.
Throughout his campaign, Trump opposed Apple’s decision to manufacture goods overseas and even promised that he will urge Apple to bring manufacturing jobs back to the country. Trump was quoted speaking to The New York Times in Nov 2016, "One of the things that will be a real achievement for me is when I get Apple to build a big plant in the United States, or many big plants in the United States, where instead of going to China, and going to Vietnam, and going to the places that you go to, you’re making your product right here."
In fact, to alleviate Apple’s concern of increased prices of finished products, Trump told Cook that he will provide tech companies huge tax cuts. Cook added that the lowering of tax will aid repatriation of cash, which in turn will be used to boost capital allocation plans.
In January this year, it was reported that one of Apple’s biggest suppliers, Foxconn Technology Group is thinking of setting up a manufacturing plant in the United States. Though the exact details aren’t available, Foxconn is interested in investing over $7 billion in setting up such facilities in the U.S. Prior to that, media reports claimed that Apple has requested the government to allow it to use its Mesa, AZ facility to conduct "high-tech manufacturing".
Apart from manufacturing details, Cook, reportedly, assured investors that the company is working on developing products that will open new sources of revenues. No details were provided as to what the company is working on. However, it’s widely known that Apple is channeling efforts and resources toward its automotive and AR ambitions.
Apple Inc. Price
Apple Inc. Price | Apple Inc. Quote
On asked about net neutrality, Cook said that “content should be treated the same, and there should be no unfair advantage for one group over another.” Net neutrality has come under fire since the new government took over the White House. Ex-president, Barack Obama was in favor of net neutrality. However Trump doesn’t share his views.