White House Press Release - U.S. Commerce Secretary Wilbur Ross: "Foxconn Investment is Sign of More to Come"

"President Trump promised to fix the tax system; he promised to fix the regulatory system; and he promised to fix trade. We are now seeing tangible results from his delivering on these promises."

Foxconn investment is sign of more to come

By Secretary Wilbur Ross

The Journal Times [Racine County, Wisconsin]

June 28, 2018

The groundbreaking on Foxconn's $10-billion factory to produce state-of-the-art flat-panel displays in Mount Pleasant represents a milestone for America.

With a 20-million-square-foot campus situated on 3,000 acres, the new Foxconn plant will be among the largest factories ever built in the United States. It will take two years and 10,000 construction workers to build, and employ 13,000 workers when in full production of a variety of LCD screens. It is one of the largest foreign direct investments ever made in the United States.

It would never have happened without the promise of the Trump tax cuts and the President's personal intervention.

As important as the new factory is to the workers of Wisconsin, the facility is also a symbol of what is to come: It is the first of a large number of investments in advanced manufacturing facilities being reshored from overseas locations back to the United States. Foxconn CEO Terry Gou has already said that he is considering another enormous facility in the United States.

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The Trump administration understands how important it is to rebuild the U.S. consumer electronics manufacturing sector. The United States still leads in the creation of innovative, high-tech products such as semiconductors, state-of-the art materials and components, parts and software, but it must regain its footing in the large-scale production of consumer electronics.

With advanced manufacturing techniques including robotics, the United States is now competitive with factories in low-wage countries and is an attractive place for investment.

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Since President Trump took office, more than 300,000 new manufacturing jobs have been created in the United States. Last year, the U.S. experienced the net addition of more than 4,000 new factories, after suffering the loss of 65,000 factories between 2001 and 2013.

President Trump promised to fix the tax system; he promised to fix the regulatory system; and he promised to fix trade. We are now seeing tangible results from his delivering on these promises.

Read the full op-ed here.