Apple's $1 billion investment in US manufacturing -- in line with President Donald Trump's domestic economic agenda -- has been termed as a sign of optimism by White House Press Secretary Sean Spicer.
"From Intel to General Motors to Walmart to Apple who specifically just announced earlier this month they will start a $1 billion fund to promote advanced manufacturing jobs here in the US. And it's not just the President's domestic economic policies that are generating optimism," Spicer said at a press briefing on Monday.
Corning Glass, one of Apple's US-based suppliers, has been announced as the first recipient of funds from the programme and will be awarded $200 million, The Verge reported.
The Advanced Manufacturing Fund was announced by Apple CEO earlier this month but he made no mention of it being influenced by or created as a result of Trump's policies.
"The $1 billion programme is designed to foster innovative production and highly skilled jobs that will help lay the foundation for a new era of technology-driven manufacturing in the US," the report quoted Apple as saying.
Apple has been critical of Trump's immigration orders, bringing a strain in their relation with the President.
"With each administration, in every country in the world, there are things you disagree and things you agree. And you look to find common ground and try to influence the things you don't. If you don't show up, I think that's the worst scenario. Because then you're quiet and this doesn't do your cause any good, or your point of view any good," Tim Cook, CEO Apple said.
He hoped that the government will soon enact sweeping tax policy reforms.
According to media reports, the $1 billion fund could be one way for Apple to win leverage in Washington as Trump works to advance his proposals.
However, Trump has been criticised for taking credit for economic deals that were first announced during Barack Obama's presidency.
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)