Why Apple, Microsoft, Pfizer and other U.S. multinational corporations set up shop in Ireland

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There are 973 U.S. firms with operations in Ireland, according to the American Chamber of Commerce Ireland. Members of President Donald Trump’s administration have signaled that some of that activity should return to the states.

“They have all the IP for all our great tech companies and pharma companies,” Commerce Secretary Howard Lutnick said in an appearance on the All-In podcast in March. “Those things got to end.”

Companies such as Apple, Microsoft and Pfizer appear to have taken steps to stow intellectual property in Ireland, reducing their effective corporate income tax rates. For example, the European Commission found that in 2014, Apple’s effective corporate income tax rate was below 1% in Europe.

Apple and Pfizer did not respond to CNBC’s request for comment for this story. Microsoft declined to comment.