Apple has made strides towards its promised goal of furthering U.S. manufacturing projects, as constituent with the Donald Trump administration’s corporate tax cuts package that went into effect late last year..
While the Cupertino-company has so far made multiple, multi-million dollar investments in companies like Finisar (its primary VCSEL component suppler), Corning (Kentucky-based makers of Gorilla Glass products) and more, Apple hasn’t yet announced any additional plans for U.S. expansion — though all those billions could certainly go a long way..
While Apple remains mum about its plans, Trump, on the other hand, appears to be maintaining his position that Apple has even bigger plans for the U.S., boldly reiterating in a speech on Friday that Apple plans to build “new plants” in the United States, according to a Business Insider report.
“Apple alone is bringing in $230 billion and they’re building new plants, they’re building a magnificent campus, they’re gonna be spending their money very wisely, but they’re spending it in our country, not in some other country,” the President said during a speech touting his economic policies at the White House on Friday, flaunting how it was all made possible by his signature “tax cuts and reform plan.”
Earlier this year, Apple confirmed that it could bring back “the majority of its $252 billion in cash” held abroad thanks in large part to the administration’s tax code which Trump signed into law last December. According to Business Insider, under the terms of the new tax code, Apple was offered a “one-time repatriation” on its multi-billion mountain of overseas cash, ultimately paying just $38 billion when it brought the holdings back to the U.S.
The move follows Apple’s previously announced plans to invest as much $350 billion in the U.S. Economy — including the development of yet another massive new campus in a location that’s “to-be-determined.”
And while Apple is still likely spend the majority of its money here in the U.S., as promised, it’s worth noting that the company has not yet announced plans to build any factories of its own — although its longtime iPhone assembly partner, Foxconn, just recently cut the ribbon on a new $10 billion LCD fabrication plant in Wisconsin which is poised to be a boom to the local economy.
Trump’s comments on Friday wouldn’t be the first in which he’s publicly claimed that Apple plans to build new manufacturing plants in the U.S. Shortly after taking office in January 2017, Trump met privately with Apple CEO Tim Cook, who, the President later divulged, committed to building “three big plants” in the U.S.
Apple has not responded to requests for comment on Trump’s latest statements, though it certainly does leave us to wonder what the company is truly capable of with so much cash at its disposal.