CNBC reports that Taiwan electronics manufacturer Foxconn has mostly abandoned a $10 billion project in Wisconsin that former President Donald Trump had touted, drastically scaling back the planned factory that Trump once called “the eighth wonder of the world.”
Under a deal with the state of Wisconsin announced on Tuesday, Foxconn will reduce its planned investment to $672 million from $10 billion and cut the number of new jobs to 1,454 from 13,000.
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’s iPhones in China for export to America.
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