2021-04-26 10:05:42

Foxconn Abandons $10 Billion Trump Project

Years ago, the former president would often brag about convincing the Taiwanese electronics manufacturing company Foxconn to build a giant factory in Wisconsin. The agreement was that Foxconn would build a $10 billion factory and hire about 13,000 workers. It was believed that this factory could put Wisconsin on the map as a new tech hub while at the same time bringing back American manufacturing jobs. Trump once referred to this deal as “the eighth wonder of the world” and the company was treated to huge fanfare at the White House back in 2017.

Back at the time the contract was announced, some of us were suspicious. Foxconn is a sly company with a charismatic founder and chairman, Terry Gou. There were reports at the time from executives at Foxconn that this wasn’t going to happen because the LCD panel suppliers that would be used to make the televisions at the proposed factory were nowhere near Wisconsin. Four years later, the project never began as described and now the company announced they are scaling back the factory significantly. Now, Foxconn says that they will be making a $672 million investment, a 93% reduction from the original plan with 1,454 new jobs — an 89% reduction from the number originally promised. Whether the Trump administration was swindled by Foxconn is unclear, but this is yet another example of the former president making big promises and then taking all the credit for an announcement for something that never actually comes to fruition.

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