GENEVA (AP) — Swiss pharmaceuticals powerhouse Roche announced Monday it plans to invest $50 billion in the United States over the next five years, creating 12,000 jobs.

The Basel-based company, whose array of products includes cancer medicines and multiple sclerosis treatment Ocrevus, said the investment would go toward high-tech research and development sites and new manufacturing facilities in places including California, Indiana, Massachusetts and Pennsylvania.

The announcement comes as U.S. President Donald Trump has urged foreign businesses to invest more in the United States, and announced sweeping tariffs earlier this month on imports as part of hopes to reduce a large U.S. trade deficit when it comes to sales of goods.

Before the Trump administration backed off its most stringent tariff plans, products imported from Switzerland had been set to face tariffs of 31% — more than the 20% tariffs on goods from the European Union. Switzerland is not a member of the 27-country bloc but is virtually surrounded by four EU countries.

Trump’s sweeping “Liberation Day” tariffs on April 2 set off turmoil in world stock markets. A week later, Trump spoke by phone with Swiss President Karin Keller-Sutter in a conversation that her office said focused on tariffs. She emphasized the “important role of Swiss companies and investments in the United States.”

Hours later, the U.S. president announced the U-turn that paused the steep new tariffs on about 60 countries for 90 days, fanning speculation — which was not confirmed — in some Swiss media that her chat with Trump might have played a role in the change of course.

Roche, in its statement, said that once the new, expanded manufacturing comes on line, the company “will export more medicines from the U.S. than it imports” — though it made no mention of tariffs.

“Today’s announced investments underscore our longstanding commitment to research, development and manufacturing in the U.S.,” said Roche CEO Thomas Schinecker in a statement.

The company — like cross-town competitor Novartis — has deep ties to the U.S. market and said it currently employs 25,000 people and operates 15 R&D centers and 13 manufacturing sites in the United States.

The planned investment will add 1,000 jobs at Roche in the U.S. and “more than 11,000 in support of new U.S. manufacturing capabilities,” it said, which will increase its footprint in the United States to 24 sites in eight states.

Roche tallied more than 60 billion Swiss francs (about $74 billion) in worldwide sales last year, and nearly 25 billion francs of sales in its key pharmaceuticals division alone came in the United States. Roche’s share price has fallen by about 18% over the past month, with most of the drop coming after the U.S. tariff announcement on April 2.