President-elect Donald Trump has secured a $100 billion investment from Japan-based SoftBank Group, with CEO Masayoshi Son expected to join Trump for the announcement at Mar-a-Lago on Monday. CNBC first reported the deal, with Trump scheduled to address the press at 11 a.m.
The investment is set to create 100,000 U.S. jobs in artificial intelligence and related infrastructure and is expected to be completed before the end of Trump’s four-year term, according to the report.
This announcement follows Trump’s pledge to cut regulatory red tape for companies or individuals investing at least $1 billion in the U.S. economy. On Tuesday, Trump posted on Truth Social: “Any person or company investing 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. GET READY TO ROCK!!!”
Trump’s recent reelection victory was largely attributed to his hardline stance on illegal immigration and promises to boost the economy, particularly as post-COVID inflation continues to burden American consumers.
In a recent Time magazine Person of the Year interview, Trump acknowledged the challenge of reducing grocery prices. When asked whether his second term would be a failure if he couldn’t achieve that, he disagreed: “I don’t think so. Look, they got them up,” referring to the Biden-Harris administration. He added, “I’d like to bring them down. It’s hard to bring things down once they’re up. You know, it’s very hard.”
The Biden administration has worked to lower household costs in other ways, such as reducing prescription drug prices and eliminating “junk fees.” However, dissatisfaction with food and fuel costs was a significant factor for voters who supported Trump.
Trump has also vowed to roll back Biden-era environmental regulations, frequently repeating his slogan, “drill, baby, drill.”
On Tuesday, Jared Bernstein, President Biden’s economic advisor, addressed Trump’s regulatory plans. While acknowledging the need to streamline processes, Bernstein urged caution.
“We’ve had tremendous foreign direct investment, and yes, we’ve tried to clear the brush to reduce burdens for permitting, and there’s more to be done,” Bernstein said during a White House briefing. He added that regulation reform could be a bipartisan issue but cautioned against removing essential “guardrails” without consideration.
Trump’s focus on securing large-scale investments is seen as a strategy to respond to voters’ economic concerns and demonstrate tangible efforts to strengthen the economy.
