Apple plans to create a $1 billion fund to invest in U.S. companies that perform advanced manufacturing, Chief Executive Officer Tim Cook said on Wednesday.

The company will announce the fund's first investment later in May, Cook said during an interview on CNBC.

Cook also said Apple plans to fund programs that could include teaching people how to write computer code to create apps, and will release more details about the effort this summer.

Apple recently came under fire from President Donald Trump during his campaign because it makes most of its products in China.

A major tax proposal by Trump would let Apple, along with other large companies, bring back accumulated profits from overseas at potentially lower tax rates. Ninety-three percent of Apple's $256.8 billion cash is held overseas.

"To invest in the United States, we have to borrow. This doesn't make sense on a broad basis. So I think the administration, you saw they're really getting this and want to bring this (cash) back. And I hope that comes to pass," Cook said in response to a question about tax reform.

Seperately, Imagination Technologies, the British firm that was licensing graphics technology to Apple, has started a "dispute resolution procedure" with Apple, after failing to resolve a standoff over licensing.

Imagination said in April that Apple had notified the British firm it was developing its own graphics chips and would no longer use Imagination's processing designs in 15 months to two years time.

Apple accounts for about half of the British firm's revenue.

Apple has used Imagination's technology in its products from the time of the iPod, and it receives royalties from every sale of an Apple device containing its designs, including the iPhone and iPad.

Imagination said on Thursday it had been unable to make satisfactory progress with Apple on an alternative commercial arrangements for the current license and royalty agreement.

"Imagination has therefore commenced the dispute resolution procedure under the license agreement with a view to reaching an agreement through a more structured process," it said.

Imagination also said it planned to sell two businesses, its embedded processor technology MIPS and mobile connectivity unit Ensigma.