WASHINGTON – President Donald Trump announced on Thursday that semiconductor manufacturer Broadcom, with a market value of some $100 billion and currently based in Singapore, will move its main headquarters back to the US.
Trump made the announcement during an Oval Office ceremony accompanied by Hock Tan, Broadcom’s president and CEO.
The president emphasized that his 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. And you see it happening on a daily basis.”
The White House said that Broadcom will transfer the legal domicile of its main HQ to Delaware, a move that will allow the US to benefit from the more than $20 billion in annual income earned by the firm.
Broadcom currently employed some 7,000 US workers in 24 states.
In his Oval Office remarks, Trump emphasized that many US firms that transferred their operations abroad are now returning to this country, thanks to his efforts.
Achieving the return of those companies, including ones that operate out of Mexico, was one of Trump’s key campaign promises and he even threatened to levy sanctions on big companies in the automotive sector planning to transfer their production abroad.
On his first day in office, Trump withdrew the US from the Trans-Pacific Partnership and he is presently renegotiating the North American Free Trade Agreement, which has been in force since 1994 with Canada and Mexico because he says it is unfair to US companies and workers.