SAN FRANCISCO - Apple (AAPL) said it will build a second corporate campus and hire 20,000 workers in a $350 billion, five-year commitment to the U.S. economy.

Apple, the world's biggest company by market capitalization, said Wednesday it will contribute $75 billion of that amount through investments in American manufacturing, planned capital expenditures and what it called a "record" tax payment after it repatriates overseas profits. 

The company said it expects to pay roughly $38 billion on its foreign earnings, as required by $1.5 trillion tax overhaul signed into law by President Trump in December.

 "We believe deeply in the power of American ingenuity, and we are focusing our investments in areas where we can have a direct impact on job creation and job preparedness," CEO Tim Cook said in a statement. "We have a deep sense of responsibility to give back to our country and the people who help make our success possible."  

Apple, which has 84,000 employees in the U.S., said it would meet its goal of adding 20,000 jobs by building a new corporate campus and through hiring at existing facilities. The new location will be announced later this year. It will initially house employees who provide technical support for customers.

Apple is also expanding a fund it launched last year to create manufacturing jobs in the U.S. and drive innovation, boosting investment from $1 billion to $5 billion. Part of those funds have already been funneled into projects with leading manufacturers in Kentucky and Texas, Apple said. 

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