President-elect Donald Trump on Monday at Mar-a-Lago touted a $100 billion investment from Japan-based SoftBank Group along with CEO Masayoshi Son.
Trump made the announcement alongside his Treasury Secretary, Howard Lutnick, in front of the press at Mar-a-Lago during his first media event as president-elect.
The tech CEO announced the creation of 100,000 American jobs in artificial intelligence and related infrastructure, which will boost the economy heading into Trump’s second term.
“Today I am pleased to announce that SoftBank will invest $100 billion in America, creating at least 100,000 American jobs,” the president-elect said.
“And he’s doing this because he’s been very optimistic about our country since the election, and a lot of these people are also coming in with huge amounts of money.”
Trump then pressured Son during the media frenzy at Mar-a-Lago, asking him to double his pledge to $200 billion, which he indicated he was open to.
“I’m going to ask him right now: Would you like to make $200 billion for it?” Trump asked.
Son responded with a laugh, saying Trump is clearly an excellent negotiator.
“With your leadership, my partnership with you, with your support, I will try to raise the $200 billion,” he promised.
The investment is expected to take place before the end of Trump’s four-year term.
The announcement follows Trump’s pledge to cut red tape for companies and individuals pledging to invest at least $1 billion in the U.S. economy.
“Any person or company that invests ONE BILLION DOLLARS OR MORE in the United States of America will receive fully expedited approvals and permits, including, but in no way limited to, all environmental approvals,” Trump wrote in Truth Social on Tuesday.
‘Get ready to rock!!!’ he added.
Trump won re-election last month largely on his tough stances on illegal immigration and his promises to strengthen the economy, while post-COVID inflation remains problematic for American consumers.
The tech CEO (right) announced the creation of 100,000 American jobs in artificial intelligence and related infrastructure
Trump pressed Son during the media frenzy at Mar-a-Lago, asking him to commit to doubling his stake to $200 billion, which he indicated he was open to
He has since suggested that bringing down food prices could be difficult.
During his “Person of the Year” interview with Time Magazine last week, he said it would be “very difficult” to bring down food prices, but responded negatively when asked whether his second term would be a “failure” if he didn’t. accomplish that task.
‘I don’t think so. Look, they picked them up,” he said, pointing to the Biden-Harris administration.
“I’d like to take them down. It’s hard to take things down once they’re up. You know, it’s very difficult,” the president-elect added.
The Biden White House tried to reduce household costs in other ways — for example by tackling prescription drug prices or junk fees — but many voters expressed dissatisfaction with the costs of food and fuel when they voted for Trump.
Making investment pledges will be another way Trump can show he is responding to Americans’ economic fears.
He has also pledged to roll back Biden-era environmental regulations, often using the mantra “drill, baby, drill.”
President-elect Donald Trump has scored a $100 billion investment from Japan-based SoftBank Group and will tout the deal with CEO Masayoshi Son at Mar-a-Lago on Monday.
During his ‘Person of the Year’ interview with Time Magazine last week, he said it would be ‘very difficult’ to bring down food prices
Trump is joined by Vice President-elect JD Vance at the Army-Navy football game in Landover, Maryland
Making investment pledges will be another way Trump can show he is responding to Americans’ economic fears
On Tuesday, Biden’s economic adviser Jared Bernstein suggested that bipartisan work needed to be done to reduce regulations, but also warned that it would be done in a hasty manner.
During the White House press conference, he was asked to respond to Trump’s plea to ease regulations on companies investing more than $1 billion.
“We’ve had tremendous foreign direct investment, and yes, we’ve certainly tried to – come clean – help reduce the burden on permits and things like that, and there’s more to be done in that area,” Bernstein said. after saying he would hesitate to respond to a Trump tweet.
“And I think there are members of Congress — that I think is a bipartisan issue that we could work on.” So if the Trump team is serious about trying to clear some of that undergrowth, there’s only one thing I hear too often from him and them: ignoring the impact of some guardrails that are there for a reason, Bernstein said.