While so far various international and domestic companies have announced, grudginly, they would expand production in the US, and hire US workers, after being called out by president-elect Trump on his favorite “bully pulpit”, Twitter, on Friday the push for insourcing took on an unsolicited twist, when Taiwan’s Hon Hai Precision Industry, also known as iPhone maker FoxConn, and one of the largest employers in the world, and its Japanese subsidiary Sharp, have begun studying the possibility of building an LCD panel plant in the U. S., a Sharp executive said Friday cited by Nikkei.
The Taiwanese electronics contract manufacturer, and its Japanese alliance partner SoftBank Group reportedly told Donald Trump they would jointly make significant investments creating new jobs in the U. S. when SoftBank Chairman Masayoshi Son met the President-elect in New York last month according to the Japanese paper.
The joint investment plan was proposed by Son, the Sharp executive said, and was put ‘on the table’ in response to Trump’s ‘Make in America’ call. While it was reported before that Foxconn may consider making iPhones in the US, that speculation was at a very preliminary stage, with nothing definitive confirmed. It also took place prior to the diplomatic fiasco following Trump’s statement that the “one China” policy is negotiable.
Whether this is “gratitude” by Foxconn exces to Trump for siding with the small island is unknown. Officially, with Trump urging American manufacturers to bring operations back to the U. S., Hon Hai is considering production in the U. S. due to its huge market for TVs and other home appliances.
This post was published at Zero Hedge on Jan 13, 2017.