Donald Trump says Foxconn could triple investment to US$30 billion

Interstate 94 construction

Interstate 94 construction

Hon Hai Precision Industry Co (鴻海精密) - which is known as Foxconn Technology Group (富智康) outside Taiwan - is considering tripling its US investment budget to US$30 billion, US President Donald Trump said while outlining "off-record" remarks made by company chairman chairman Terry Gou (郭台銘), founder of Apple Inc's biggest manufacturing partner.

"He told me off the record he thinks he may go US$30 billion".

Gou previously said that Foxconn was considering opening plants in seven states before Trump announced last week that a massive factory would be coming to Wisconsin. "We will provide an update as soon as we have finalised those plans".

President Trump says Foxconn is considering tripling its US investment budget. Other states that Foxconn said it was looking at were Michigan, Illinois, Indiana, Ohio, Pennsylvania and Texas.

China's Foxconn - who manufacture Apple's iPhone and iPod, and Amazon's Kindle - have revealed plans for a $10 billion plant in the USA.

Mario Draghi was right in keeping inflation expectations low
Meanwhile, the EU28 unemployment rate was 7.7% in June, down from 8.6% in the same time past year . That's in line with the median estimate in a Bloomberg survey of economists.

Chinese company Foxconn said last week it would to spend $10 billion on a state-of-the-art manufacturing facility in Wisconsin, and create 3,000 jobs in the process.

"The historic $10 billion investment Foxconn is making in Wisconsin is a clear sign that businesses around the world are recognizing the many benefits of establishing operations in our state,"Walker said".

"It seems to me that the burden of proof should be on the state to show that the project is transformational enough to justify a very high cost per job-year", said Bartik, who also questioned whether numerous workers could end up commuting from IL. A public hearing on the proposal was scheduled for Thursday, just six days after a draft of the plan was released and eight days after news of the state's deal with Foxconn broke.

The headline of this story has been corrected to reflect that Trump referenced a $30 billion investment, not $3 billion.

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