Trump Embraces Tax Reform Plan, Takes Preemptive Shot At Critics

AP  Evan Vucci

Trump made the announcement on Thursday during an Oval Office ceremony accompanied by Broadcom's President and CEO Hock Tan, Efe news reported.

President Donald Trump is calling chipmaker Broadcom "one of the really great, great companies" after the company made the decision to recamp its incorporation from Singapore to the United States.

President Trump on Thursday announced that semiconductor giant Broadcom is moving its headquarters to the US from Singapore.

The company says it will legally relocate to DE once shareholders approve the move, bringing $20 billion in annual revenue to the U.S. The White House says it's the largest such move to the U.S.in decades.

Tan pointed to hard conditions for running a business as the reason Broadcom had moved overseas, but he said the company's identity has remained American.


The company, which manufactures communications chips worldwide, said the GOP's business-friendly tax plan will make the USA easier to do business in. Broadcom manufactures semiconductors and makes $20 billion in annual revenue that will soon be legally situated in Delaware.

The move would enable Broadcom to avoid a federal review process. "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".

The company has been trying to complete a $5.5 billion acquisition of technology firm Brocade Communications Systems since a year ago, but the deal has been hung up awaiting approval by the Committee on Foreign Investment (CFIUS) in the United State - a government committee that vets foreign investments in US-based companies.

He said the Fortune 100 company already employs more than 7,500 Americans in multiple states. "The proposed tax reform package will level the global playing field and allow us to compete effectively in worldwide markets", Tan said during his address.

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