Trump says Foxconn CEO may invest $30B

Andrew Cummings
August 2, 2017

Foxconn Technology Group, the main assembler of the iPhone, unveiled last week plans to build a US$10 billion display plant in Wisconsin, hiring as many as 13,000 people for a project Trump touted as a victory for his "America First" effort to brings jobs back to the U.S. That was just the beginning, the president told small-business leaders during a gathering at the White House Tuesday.

"He told me off the record he thinks he may go $30 billion". "But he told me that off the record, so I promised I wouldn't tell anybody".

Foxconn, which helps manufacture iPhones for Apple, has said its new factory will create 3,000 new jobs with the potential to grow to 13,000, as well as generate 22,000 ancillary jobs and 10,000 construction jobs.

CNBC reached out to Foxconn for comment but a spokesperson was not immediately available.

The provision would offer some protection to Racine County taxpayers if Foxconn's massive manufacturing campus ends up in the county, though it would potentially raise costs for residents throughout the state. A public hearing on the bill is set for Thursday, with a vote by the full Assembly expected in a couple weeks.

Walker is also defending the Legislature's aggressive timeline for voting on the bill.

Walker met behind closed doors with Senate and Assembly Republicans as he pushed the legislation, which has found some bipartisan support.

Assembly Speaker Robin Vos, R-Rochester, said the state has a moral obligation to effectively co-sign the loan taken out by municipalities.

Foxconn reiterated in a statement Wednesday that the Wisconsin plant "will be the first of a series of facilities we will be building in several states". The deal also includes exemptions to a variety of state environmental laws, which is drawing criticism from Democrats and others. But Walker added that "it wasn't a huge gap".

Foxconn claims it's considering investment plans for other sites around the U.S.

Walker says he hopes lawmakers will work on approving the incentive package at the same time they try to finalize a state budget that's a month overdue.

Republican state lawmakers are meeting privately to discuss a $3 billion incentive package for Taiwan-based Foxconn to build a new display panel manufacturing plant in Wisconsin.

Other reports by iNewsToday