Apple CEO Tim Cook on Wednesday announced the company's plans to dump $1 billion into a fund geared to creating U.S. manufacturing jobs.

"I'm proud to tell you that we're creating an advanced manufacturing fund," Cook said on MSNBC's "Mad Money."

"By doing that, we can be the ripple in the pond ... those manufacturing jobs create more jobs around them because you have a service industry that builds up around them."

Apple plans to make its initial investment later this month with possibly additional funds to come as the project expands.

Trump campaigned on bringing manufacturing jobs back to the fly-over states. Cook was one of the technology executives from major U.S. companies who met with Trump during the transition period. On Wednesday, he praised the White House for proposing lowering the corporate tax rate to 15 percent.

"I think the administration – you saw that they're really getting this, and want to bring this back ... and I hope that that comes to pass," Cook said.