Wednesday, July 26, 2017
WASHINGTON (AP) — President Donald Trump said today electronics giant Foxconn will build a $10 billion factory in Wisconsin that's expected to initially create 3,000 jobs, the largest economic development project in state history.
The announcement comes at a critical juncture for a Trump administration that pledged to generate manufacturing jobs but has struggled to deliver results as quickly as the president promised.
Trump's plans for health care and tax cuts face a murky future in Congress, while his administration is bogged down by an investigation into Russia's possible ties with his presidential campaign.
In a White House speech, Trump said the financial commitment by Foxconn CEO Terry Gou was a direct result of his electoral win.
"If I didn't get elected, he definitely would not be spending $10 billion," Trump said. "We are going to have some very, very magnificent decades."
But the decision to build the plant in Wisconsin also stemmed from $3 billion in state economic incentives over 15 years if Foxconn invests $10 billion in the state and ultimately adds 13,000 jobs. The incentives would only be awarded if Foxconn creates the jobs and pays an average salary of nearly $54,000.