During the interview, Cook said Apple will reveal its first investments from the fund later this month.
US -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.
"It's $1 billion of our U.S. money, which we have to borrow to get". He said Apple has already talked to a company in which it wishes to invest.
But it was the $1bn fund for advanced manufacturing jobs that took most of the attention. "We give back in job creation", Cook said.
Cook wants a notable tax break to bring home hundreds of billions of dollars that is sitting overseas and Trump wants companies to have access to this cash to re-invest in their businesses and create jobs.
"Comprehensive tax reform is so important to this economy".
US trade deficit narrows in March
Trade figures also carry political implications as President Donald Trump seeks to revamp US trade deals with other countries. Other reports suggest US firms are benefiting from stronger economic growth around the globe, including in Europe and Asia.
The first investment of the new fund will be announced later this month, according to Apple.
"You look to find common ground; if you don't show up, I think that is the worst scenario because then you are quiet, and it doesn't do your cause any good".
Foxconn is the world's largest contract electronics maker and is best-known for assembling products for global brands such as Apple and Sony.
The move comes as Apple prepares for the roll-out of its next-generation iPhone later this year.
After all, Apple claims to have spent $50 billion to sustain 2 million jobs (at least 13,000 jobs are properly Apple's) across all 50 states in the union a year ago. 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.
The tech giant has resisted the idea of bringing the cash home, because of disincentives in the USA tax code - it allows multinational firms to defer profits while they are held overseas but taxes income at up to 35 percent when repatriated.
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