Various business news media are reporting the 5:00pm White House announcement on jobs and manufacturing in the U.S. will center around a $10 billion investment in U.S. manufacturing by Foxconn, most noted as the production company for Apple iPhones.
In the larger picture the anticipated announcement is further evidence in the flow of capital into a U.S. manufacturing economy being resurrected by the America-First economic policy of President Trump.
Additionally, there is a political win for DC professional GOPe politicians like Paul Ryan as the manufacturing hub is anticipated to be located in Ryan’s district and hometown.
(Via Bloomberg) President Donald Trump will announce Wednesday that Foxconn Technology Group plans a new factory in Wisconsin, fulfilling the Taiwanese manufacturing giant’s promise to invest in the U.S.
The factory will open in the home district of House Speaker Paul Ryan, a Wisconsin Republican, who personally lobbied Trump and White House chief of staff Reince Priebus to help secure the plant. It’s expected to employ about 3,000 people at first and, after an initial $10 billion investment, the facility is scheduled to expand over a 2 1/2-year period, according to a person familiar with the plans who requested anonymity to discuss the announcement before it was made.
Foxconn chairman Terry Gou plans to join Trump, Ryan, Wisconsin Governor Scott Walker, and Vice President Mike Pence at the White House to make the announcement.
The company has said it hopes to increase its investment in U.S. manufacturing, with a focus on building flat-panel screens. Economic development officials from Illinois, Indiana, Michigan, Ohio, Pennsylvania, Texas, and Wisconsin have all vied for Foxconn’s attention.
[…] Trump had noticed vacant land during an April visit to Kenosha County.
“He said, ‘That land should be used.’ So when Foxconn came into the White House, into the Oval Office, the president said, ’I know a good spot that you should go to, that place in Kenosha,’” Priebus said. (read more)