Apple plans to create a US$1 billion fund to invest in US companies involves in advanced manufacturing. CEO Tim Cook said on US TV that the new fund will support US manufacturing and its first investment will be announced this month.

Apple will finance the $1 billion manufacturing fund by borrowing against its overseas holdings of $239.6 billion, he said.

Cook said Apple supports about two million jobs in the US, including its own employees and those of suppliers, app developers and entrepreneurs who offer products across its devices. The company directly employs 80,000 people in the US.

Apple faced criticism during the presidential campaign from then-candidate Donald Trump for outsourcing the production of its iPhones and other devices to factories in China.