Trump Announces Two Major Economic Deals Ahead of Arizona Midterm Rally
Trump touted billions in new energy and semiconductor investments as he sought to counter frustration over the economy.
President Donald Trump announced two major economic deals on Wednesday, ahead of an Arizona midterm rally, as voter discontent over the cost of living continues to mount. He touted a $70 billion to $80 billion commitment from Taiwan to purchase liquefied natural gas (LNG) from the Alaska LNG project over two decades, along with up to $4.4 billion in investment for its development.
Separately, Trump announced a $21 billion investment in semiconductor manufacturer GlobalFoundries to construct two new manufacturing facilities in Malta, New York, with capital provided by Japan. These announcements come amid reports of significant voter dissatisfaction with the economy and cost of living, with an Associated Press-NORC poll showing only 17 percent approval for Trump's handling of the cost of living.
Inflation data released by the Labor Department on Wednesday revealed that prices rose 0.6 percent from August to September and 3.7 percent year-over-year, with core inflation also increasing. Gasoline prices jumped 9.1 percent in September alone. Trump portrayed these deals as proof of his administration's economic prowess and trade policies delivering jobs and projects in the United States.
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