Apple is the first tech company to announce plans to bring back overseas revenues, and is estimated to hold around $250bn in low-tax jurisdictions, the largest cash reserves of any US company.

Its tax planning arrangements have come under scrutiny by the EU, which is demanding the company make a €13bn (£11.5bn) repayment to Ireland after it was judged to have benefit from a tax deal which amounted to illegal state aid. During his election campaign, Trump criticised Apple’s policy of manufacturing overseas.

In its statement announcing the repatriation plans, the tech giant estimated its direct contribution to the US economy will be more than $350bn over the next five years, not including Apple’s ongoing tax payments, the tax revenues generated from employees’ wages and the sale of Apple products.

Planned capital expenditures in the US, investments in American manufacturing over five years and the record repatriation tax payment will account for approximately $75bn of this, and Apple will be building new data centres and manufacturing facilities, creating 20,000 new jobs.

Tim Cook, Apple’s CEO, said: ‘Apple is a success story that could only have happened in America, and we are proud to build on our long history of support for the US economy.

‘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. We have a deep sense of responsibility to give back to our country and the people who help make our success possible.’

Report by Pat Sweet