2017-07-13 08:35:00 Thu ET
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President Donald Trump has announced that a major Apple iPhone upstream supplier, Foxconn Technology Group (aka Hon Hai Precision Group), will invest $10 billion in a new manufacturing plant for LCD display panels in Wisconsin. The press conference takes place at the White House with Wisconsin Governor Scott Walker and Republican House Speaker Paul Ryan. Walker suggests that this new plant is the largest economic development project in the state's history. Foxconn Chairman Terry Guo points out that Wisconsin shines as the clear winner among at least 6 American states while Ohio is a close contender. The new manufacturing plant will employ an initial intake of 3,000 workers while this intake can increase to 13,000 in the next 4 years.
Although Apple CEO Tim Cook has yet to comment on Foxconn's new plant in Wisconsin, this latest financial news echoes the Trump stock market rally with substantial fiscal stimulus that manifests in the form of lower income taxation and tax-efficient corporate cash repatriation. Apple and its upstream suppliers together will invest their massive offshore cash in job creation, manufacturing automation, and digital technology innovation. Foxconn's ambitious expansion represents the first attempt by an Apple upstream supplier to invest in America. We will see more cascades of this positive progress in the foreseeable future.
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