Foxconn Technology Group, a Taiwanese company best known for producing Apple iPhones, won Trump’s praise after announcing plans in 2017 to build a USD 10 billion complex that would employ 13,000 people in a small town just south of Milwaukee. But Foxconn’s investment has been scaled back to a fraction of that after the COVID-19 pandemic.
Monday’s announcement, however, is a win for Trump, who has used the weeks since the election to promote his policies, negotiate with foreign leaders and try to strike deals.
He had already threatened steep tariffs for Mexico and Canada, which prompted a visit from Canada’s prime minister aIn a post on his Truth Social site last week, Trump said anyone making a USD 1 billion investment in the United States “will receive fully expedited approvals and permits, including, but in no way limited to, all Environmental approvals.”nd a call with Mexico’s president.
SoftBank was founded in 1981 by Son, a brash entrepreneur who studied at the University of California, Berkeley. SoftBank makes investments in a variety of companies that it groups together through its capital venture fund.
The company’s investment portfolio includes search engine Yahoo, Chinese retailer Alibaba, and artificial intelligence company Nvidia. Earlier this year, it joined a partnership with Saudi Arabia to build a robot factory in Riyadh.
After Trump won the White House the first time in 2016, he met with Son before taking office. Son then announced plans to create 50,000 jobs and invest USD 50 billion in U.S. startups, which Trump celebrated on social media, saying it never would have happened if he hadn’t won the election.
Not all investments have panned out. The most notorious was SoftBank’s massive stake in the office-sharing company WeWork which sought bankruptcy protection last year. It also invested in the failed robot pizza-making company Zume.
Monday’s announcement comes days after Trump vowed to expedite federal permits for energy projects and other construction worth more than USD 1 billion.