Staying true to his campaign platforms about reviving the U.S. economy,
President-elect Donald Trump recently announced that new massive deal with Japanese telecom firm SoftBank Group Corp. will be able to generate about 50,000 jobs in the country.
Masayoshi Son, the chief executive officer of SoftBank, met with Trump earlier this week. Following the meeting, the incoming president announced the results of the deal during his appearance at New York’s Trump Tower, Reuters reported.
According to Trump, SoftBank has agreed to invest around $50 billion to U.S. business. Aside from the development of the U.S.’ technology and telecom sectors, the investment will also be used for various startups. In addition, the deal is also expected to create about 50,000 new jobs in the country.
“This is Masayoshi Son of SoftBank from Japan,” Trump told reporters. “He’s just agreed to invest $50 billion in the United States and 50,000 jobs. And he’s one of the great men of industry so I just want to thank you.”
Later that day, Trump tweeted that the investment from SoftBank would not have been possible if not for the favorable results of the recent U.S. election. Although Trump did not go into detail regarding this statement, it may have something to do with international companies losing their trust with former Democratic Party presidential candidate Hillary Clinton due to the Clinton Foundation scandal.
As noted by Son, he agreed to the deal due to the opportunity he saw after Trump was elected president. According to the CEO, he believes that under Trump’s administration, the country’s business sector will flourish due to deregulations.
With the deal all set, Wall Street experts are expecting to see a revival of the merger agreement between T-Mobile and Sprint Corp. since SoftBank owns over 80 percent of the latter telecom company. These two firms were already in talks for a possible partnership but the negotiations halted due to pressure from U.S. regulators.