Nov. 3 (UPI) — Broadcom Ltd. will bring $20 billion in revenue to the United States when it relocates its headquarters from Singapore, President Donald Trump said Thursday when he hosted the CEO of the semiconductor company at the White House.
Trump hailed the announcement during remarks he made in the Oval Officeon jobs and the Republican tax plan.
“They employ over 7,500 American workers in many states across our country,” the president said of Broadcom. “And we’re looking forward to seeing that number grow very substantially, which it’s now anticipated to do.
“Their move back to the United States and to the United States is something very, very special and very important.”
It’s unclear where the new headquarters will be located, though the company does have facilities in San Jose, Calif.
“We believe the USA presents the best place for Broadcom to create shareholder value,” CEO Hock Tan said in a news release. “We expect the tax reform plan effectively to level the playing field for large multinational corporations headquartered in the United States and to allow us to go all in on U.S. redomiciliation. However, we intend to redomicile to the United States even if there is no corporate tax reform.”
Trump said the announcement helps in his push to make the phrase “Made in the USA” a respected trademark throughout the world.
“My administration is working every day to make the United States the most attractive place in the world to do business so that more and more companies like Broadcom come back to our shores, grow their businesses, and create more and more American jobs,” Trump said. “And you see it happening on a daily basis.”
Earlier Thursday, Republicans revealed the Tax Cut and Jobs Act pushed by Trump. It lowers the corporate tax from 35 percent to 20 percent.
