07-28-2017, 01:22 AM
A win for the White House? It could be, but we're not so sure. If every foreign direct investment is hailed as a personal triumph of the President, there would have been plenty in the past, for starters. Secondly, these are pretty expensive jobs..
Useful overview from Vox:
Useful overview from Vox:
- Foxconn, the Taiwanese tech manufacturing giant that makes smartphones and other gadgets, announced yesterday it’s in talks to build a huge factory in Wisconsin to build display screens for TVs. [NYT / Nelson Schwartz and Vindu Goel]
- The news was hailed as a jobs creation win by President Trump in an official White House announcement. Foxconn estimated the deal will bring 3,000 jobs to the state, with the potential to grow to 13,000. [Milwaukee Journal Sentinel / Patrick Marley and Jason Stein]
- But the deal is far from done, and Foxconn has plenty of time to back out, as they’ve done in the past. [MarketWatch / Cara Linnane]
- In 2014 the company announced it was building a new plant in Pennsylvania and bringing 500 jobs there. It never happened. [Washington Post / Todd Frankel]
- Wisconsin is trying to sweeten the deal to entice the Taiwanese giant, giving them a $3 billion, 15-year tax credit incentive package. [WSJ / Tripp Mickle and Rebecca Ballhaus]
- That means the state is paying around as much as $1 million per job created, potentially making the deal better for Foxconn than it is for Wisconsin. [Bloomberg / Tim Culpan]
- The other thing to watch out for is whether Foxconn will really hire up to 13,000 people as it’s hinted, or stick to its bottom line using automation. [Bloomberg / Tim Culpan]