Washington: U.S. President Donald Trump announced that South Korean conglomerate Samsung Electronics Co. plans to construct "massive" production facilities in the United States. He attributed this decision to his administration's tariff policies while discussing his achievements during his first 100 days in office.
According to Yonhap News Agency, Trump made these comments during a Cabinet meeting at the White House. He defended his tariff policy in response to a Commerce Department report indicating a 0.3 percent decline in the U.S. gross domestic product during the first quarter of the year. Trump emphasized that the tariffs were instrumental in Samsung's decision, suggesting that without them, the company would not have considered building facilities in the U.S.
Samsung Electronics had earlier indicated that it is considering relocating some of its production lines for televisions and home appliances to the U.S. to counteract the effects of new tariffs imposed by the Trump administration. The President has been using import taxes to enhance federal revenue, attract foreign investments, bolster domestic manufacturing, and reduce trade deficits. He reiterated that companies manufacturing their products in the U.S. would be exempt from paying tariffs.