Foxconn, Apple to set up $7 bn manufacturing plant in US

New York: Taiwan technology giant Foxconn is teaming up with Cupertino, San Francisco-based Apple to set up a display-panel manufacturing facility in the US with an investment of $7 billion, the media reported on Monday.

"The facility could create between 30,000 and 50,000 new jobs and could include the production of TV screens in addition to smartphone displays," marketwatch.com quoted Terry Gou, Foxconn`s Chairman and CEO, as saying.

The plan comes after US President Donald Trump in his inauguration speech reiterated his "America First" agenda meant overturning international trade treaties.

"During his campaign, Trump had repeatedly threatened high import tariffs in order to encourage American and foreign companies to move production to the US," BBC reported.

He singled out China as a significant cause of lost manufacturing jobs in the US.

Foxconn -- formally known as Hon Hai Precision -- has most of its factories in China where it assembles Apple`s iPhones.

Last year, the firm took over Japanese electronics veteran Sharp and the display-making investment being considered in the US is thought to be under the new Sharp unit.

The White House website, updated after Trump`s inauguration, makes clear that the new administration will pursue plans to alter trading relationships with Asian countries.

Trump also said he will renegotiate the North American Free Trade Agreement (Nafta) with Canada and Mexico.