President Donald Trump announced Thursday that a multi-billionaire dollar semiconductor company will move its legal headquarters from Singapore to the United States.
After describing Broadcom Limited, which manufactures communications chips around the world, as "one of the really great, great companies," Trump said the relocation should lead to more jobs for American workers.
"They employ over 7,500 American workers in many states across our country and we are looking forward to seeing that number grow very substantially, which it's now anticipated to do," Trump said at a White House forum alongside Broadcom CEO Hock Tan.
Broadcom's move will allow the firm to avoid a cumbersome federal review process, the Associated Press reported, and bring $20 billion in annual revenue back to the U.S.
Trump said that the company's return to the U.S. fits a pattern of his administration.
"Their move back to the United States is something very, very special and very important," he said. "You have been seeing this happen with numerous companies, and at a minimum expansions and sometimes plants."
"With this commitment more than $20 billion in annual revenue will come back to our cities, towns, and the American workers," Trump added.
Trump used the occasion to call it a "big deal" for companies to be in the U.S. again.
"We are telling people made in the USA is a big deal now. We are bringing it back," Trump said. "When I was growing up, when I was a young boy, you would say made in the USA. That meant something. Well, it means something again."
Trump finished by thanking Tan for relocating his company to the U.S.
"My mother could never have imagined that one day her son will be here in the Oval Office in the White House standing beside the president of the United States. Thank you," Tan opened.
"Today we are announcing that we are making America home again," Tan said. "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."
Tan went on to praise the new Republican tax reform proposal, saying it "would level the global playing field and allow us to compete worldwide from here in the United States."