Trump touts Broadcom's planned return to US

04 November, 2017, 00:11 | Author: Essie Rivera
  • “When I was growing up when I was a young boy made in the USA that meant something. It means something again,” Trump said at the announcement

Trump made the announcement on Thursday during an Oval Office ceremony accompanied by Broadcom's President and CEO Hock Tan, Efe news reported.

President Trump announced Thursday that a major semiconductor device manufacturer is moving back to the US - chalking it up to pro-business policies and the tax reform proposal that he said will restore America's competitive edge.

Broadcom CEO Hock Tan joined Trump in the White House Thursday to announce his company would relocate its headquarters from Singapore to San Jose, California, lauding the White House's tax plan and efforts to make the USA more business friendly.

A statement from Broadcom said the move will occur whether or not the tax reform bill passes but noted the final form and timing of the redomiciliation will be affected by any corporate tax reform.

Tan pointed to hard conditions for running a business as the reason Broadcom had moved overseas, but he said the company's identity has remained American.

Broadcom has 7,500 US employees across 24 states, the company said.

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"The special interests will distort the facts, the lobbyists will try to save their special deals, and some in the media will unfairly report on our efforts", Trump said. "From our base here, each year we will invest $3 billion in research and engineering and $6 billion in manufacturing, resulting in more high-paying tech jobs".

Hock Tan (left) and U.S. President Donald Trump at the White House Thursday.

"We will restore our competitive edge by reducing business taxes for the first time in more than 30 years", Trump said.

Tan described Broadcom as "the embodiment of the legacy of innovation of three great American technology leaders: Bell Labs, Hewlett Packard, and more recently, Broadcom Corporation".

"In eras past, when the conditions in this country made it harder for companies to compete in global markets, the intellectual property of these leading companies globalized and moved offshore", Tan said.

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