Research

Trump Announces $10 Billion Foxconn Plant in Paul Ryan's District

Trump Announces $10 Billion Foxconn Plant in Paul Ryan's District

Foxconn's estimate on jobs was more conservative. It is expected to generate 3,000 jobs and up to 10,000 more with further expansion. The White House Chief of Staff says that President Trump personally recommended the site to Terry Gou.

After brief speeches by Speaker Ryan and Mike Pence, President Trump came to the podium.

Gov. Scott Walker is celebrating the decision to bring a Foxconn manufacturing plant to Wisconsin as a win for the state.

President Donald Trump is holding a press conference to announce a major development in his vow to bring jobs back to American soil. Speaker Ryan immediately leaned forward and said "billion".

Trump called Gou "one of the great businessmen anywhere in the world".

Taiwanese contract electronics manufacturer Foxconn on Wednesday announced plans to build a US$10 billion liquid crystal display plant in Wisconsin. While it is not clear whether Tim Cook actually promised Trump last week to build three "big, big, big" Apple plants in the United States, the president has apparently been involved in a previously rumoured venture with Foxconn that was officially announced yesterday. It has yet to be built. The state's deal for the new plant includes incentives totaling as much as $3 billion, Walker said.

"This is will be the very first public project among our investment plans in several USA states", Gou said at the White House event, Shanghai Media Group reported.

Foxconn now employs 1.3 million workers worldwide, 700,000 in China alone.

Trump praised the announcement for fitting in with his push to create manufacturing jobs in the United States.

The announcement comes a day after Trump told the Wall Street Journal that Apple CEO Tim Cook promised to build "three big plants, handsome plants" in the United States. It would initially employ 3,000 workers making an average of $53,900 a year. "If I didn't get elected, he definitely would not be spending $10 billion", Trump said.

As the New York Times points out, Foxconn has previously fallen short on its promise to invest in the United States.

Poor working conditions have led to riots and even suicides; the company has had to install nets at some of its factories to stop employees from jumping off the roofs.

At its peak, Foxconn employed more than one million people.


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