So now what?
Under a deal announced on Tuesday with the state of Wisconsin, Foxconn will slash its planned investment to $672 million, and cut the number of new jobs to just 1,454 according to Reuters.
The Foxconn-Wisconsin deal was first announced to great fanfare at the White House in July 2017, with Trump boasting of it as an example of how his “America first” agenda could revive U.S. tech manufacturing.
For Foxconn, the investment promise was an opportunity for its charismatic founder and then-chairman, Terry Gou, to build goodwill at a moment when Trump’s trade policies threatened the company’s cash cow: building Apple Inc’s iPhones in China for export to America. -Reuters
The Wisconsin manufacturing campus was originally slated to be 20 million square feet in what would have been the largest investment in US history for a foreign-based company. The location would have built flat-panel displays for TVs and other devices, however the plan had more than a few hitches.