After weeks of speculation that South Korean companies Samsung and LG are considering building appliance factories in the USA to avoid expected import tariffs by the Trump administration, LG has stepped up to the plate – committing $250 million for an 829,000 square foot factory in Clarksville, TN to produce washing machines, expected to open in 2019.
LG expects the vast majority of washers for U.S. consumers to be made in the Clarksville plant. Its washing machines sold in the United States have so far been made in Korea, China, Vietnam and Thailand.
The plant will have the capacity to expand to make other home appliances as well as commercial washers, the company said.
LG will receive support for construction as well as tax and other incentives, under agreements with the State of Tennessee. –Reuters
On February 2nd, President Trump tweeted his thanks to Samsung, attaching an article speculating on their potential plans to move appliance production to the USA. Samsung was none too pleased over the presumptive tweet:
— Donald J. Trump (@realDonaldTrump) February 2, 2017
“We feel pressured for (President Trump) thanking Samsung because nothing has been decided yet, but it could give the wrong impression that Samsung may have done something (as he wished),” an unidentified industry official told the site.” -Business Insider
LG is the latest in a growing list of companies giving Trump credit for job creation or investments. Prior to Trump’s inauguration, Dow Chemical ($DOW), Carrier (owned by $UTX), Sprint ($S), OneWeb, and IBM ($IBM) all gave credit to Trump for bringing thousands of jobs back to the USA – including GM ($GM), which announced a $1 billion investment in US Factories that is expected to result in 7,000 jobs, and a Lockheed Martin ($LMT) announcement of 1,800 jobs added to it’s F-35 fighter jet program. Japan’s Softbank has also pledged to invest $50 Billion in the United States (a deal in the works before Trump’s election), and Japanese PM Abe is reported to be putting together a US investment package which could generate 700,000 US jobs.
Last but not least, on February 8th, Intel ($INTC) announced a $7 billion investment in a new plant in Arizona, expected to result in at least 10,000 Jobs.
All in all, between all the human trafficking/ pedo busts, ICE deportations, and jobs created – I’d say Trump is off to a pretty good start fulfilling campaign promises.If you enjoy the content at iBankCoin, please follow us on Twitter