Apple says it will invest $500 billion in U.S. over the next 4 years and hire 20,000 workers

Apple plans to invest $500 billion domestically over the next four years and hire 20,000 additional workers in the U.S., the iPhone maker announced on Monday.

The company's plans include investing in a new 250,000-square-foot manufacturing plant in Houston, set to open in 2026, that will make servers to power Apple's AI services. Apple also said it would establish an educational academy in Michigan focused on manufacturing and boost its investment in a fund aimed at fostering innovation across the U.S.

"From doubling our Advanced Manufacturing Fund to building advanced technology in Texas, we're thrilled to expand our support for American manufacturing," Apple CEO Tim Cook said in a statement. "And we'll keep working with people and companies across this country to help write an extraordinary new chapter in the history of American innovation."

The announcement follows a meeting at the White House last week between President Donald Trump and Apple CEO Tim Cook.

Mr. Trump indicated in remarks after the meeting that the iPhone maker would invest hundreds of billions to avoid paying tariffs. 

Apple produces most of its products in China, and the president has threatened another 10% tax on goods imported from that country.