Apple CEO announces $1B U.S. manufacturing fund

Apple CEO Tim Cook announced Wednesday that his clients are pouring $1 billion in a fund to encourage advanced manufacturing from the U.S.

"It’s $1 billion your U.S. money, which we have to borrow to have," said Cook, appearing to the CNBC program "Mad Money." "We’re really proud to do it."

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President Donald Trump has criticized U.S. companies for manufacturing products overseas and called upon them in making more products in the home. Before taking office, Trump pressed Apple specifically to carry out much more of its manufacturing during the U.S.

Cook said Apple’s new give attention to domestic manufacturing "is most likely the ripple during the pond," proclaiming that "once we can cause many manufacturing jobs … those manufacturing jobs create more jobs around them, because you have a website industry that increases around them."

The CEO said the initial investment with the fund will happen later this month.

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