For years Apple Inc. has been criticized for outsourcing manufacturing to China.
Apple says it plans to bring back billions of dollars it has kept in tax havens overseas, and that it will pay a one-time tax of $38 billion on its overseas cash holdings.
NPR’s Laura Sydell told Kelly McEvers, host of All Things Considered, that Apple has kept some $250 billion outside the U.S.
“Apple CEO Tim Cook has been a critic of American tax laws. But under the new tax law, the company can bring back the money at a reduced rate.
“Cook has been sensitive to criticism that Apple’s been dodging U.S. taxes. With the announcement, he said, “We have a deep sense of responsibility to give back to our country and the people who make our success possible.’ “
President Trump tweeted that Apple’s decision is a “huge win for American workers and the USA!”
He also attributed his policies for allowing Apple to bring “massive amounts of money” back into the U.S.