When Donald Trump launched his candidacy for president of the United States, he promised the American people he would not only create the business climate required to keep company’s state-side, but lure businesses back to America.
Inside the Oval Office Thursday, President Trump, alongside Republican leadership, announced Broadband Limited will be moving from Singapore back to the United States.
NEW: Pres. Trump announces "Broadcom Limited is moving its headquarters from Singapore back to the United States." https://t.co/n7TqA3VDnW pic.twitter.com/ruWjaNHZRs
— ABC News (@ABC) November 2, 2017
In a light moment, Broadcom CEO Hock Tan told attendees his mother would never have believed her son would be meeting with the President in the Oval Office.
“And my mother, too!,” joked President Trump.
Broadcom CEO: "My mother would never have imagined that one day her son would be here in the Oval Office"
Pres Trump: "And my mother, too!" pic.twitter.com/thChnf8Eat
— NBC News (@NBCNews) November 2, 2017
A $100 billion semiconductor company based in Singapore will legally relocate its home address to the United States, President Donald Trump announced Thursday.
Broadcom Limited, which manufactures communications chips around the world, said it would relocate its legal address to Delaware once shareholders approve the move, bringing $20 billion in annual revenue back to the U.S.
Broadcom’s corporate headquarters will remain in San Jose, California.
The Oval Office announcement was tied to the release of congressional Republicans’ tax reform proposal, which would drastically reduce corporate rates and makes it easier for companies to deduct foreign taxes. The company credits the GOP plan with making it easier to do business in the U.S.
“America is once again the best place to lead a business with a global footprint,” Broadcom CEO Hock Tan announced during his Oval Office remarks.
“The proposed tax reform package would level the global playing field and allow us to compete worldwide from here in the United States,” Tan added.
“Our move would domicile our $20 billion annual revenue in the United States. From our base here, each year we will invest $3 billion in research and engineering and $6 billion in manufacturing, resulting in more high-paying tech jobs.”