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President Donald Trump hugs Broadcom CEO Hock Tan during an event to announce the company is moving its global headquarters to the United States Photo: Evan Vucci / AP

Singapore-based chip manufacturer Broadcom is moving operations back to the U.S., pending shareholder approval, President Trump announced Thursday. The company, whose corporate headquarters is in San Jose, said the newly released GOP tax reform proposal will make it easier to do business in the U.S., although it also said its move will happen even if the proposal doesn't pass.

Why it matters: Trump claimed credit for Broadcom's decision, saying in his Oval Office announcement that his administration is working to make the U.S. business climate attractive " so that more and more companies like Broadcom come back to our shores, grow their businesses and credit more and more American jobs."

Broadcom CEO Hock Tan said in a statement said the move would bring $20 billion in annual revenue to the U.S., in addition to $4 billion in research and $6 billion in manufacturing.

What to watch: Becoming a U.S.-based company has other benefits for Broadcom, whose $5.5 billion acquisition of U.S. company Brocade is still under review by the Committee on Foreign Investment in the United States (CFIUS). Broadcom could skirt that review by becoming a U.S.-based firm, the Washington Post notes.

History lesson: The modern Broadcom is actually the result of Singapore-based Avago Technologies buying Irvine, Calif.-based Broadcom and keeping the name of the American entity. The original Broadcom was one of the biggest tech companies to emerge out of Orange County, Calif. It was founded in 1991 by two Henrys from UCLA, Henry Nicholas and Henry Samueli. Nicholas was pushed out as CEO amid allegations of accounting irregularities as well as personal drug use.

Go deeper

McConnell, McCarthy say 2017 tax law is "red line" in infrastructure talks

The top Republicans in the House and Senate told reporters after meeting with President Biden at the White House that "there is a bipartisan desire to get an outcome" on an infrastructure package, but stressed that revisiting the 2017 tax cuts is a "red line."

Why it matters: Wednesday marked the first time that Biden has hosted Senate Minority Leader Mitch McConnell (R-Ky.) and House Minority Leader Kevin McCarthy (R-Calif.) at the White House.

McCarthy: "I don't think anybody is questioning the legitimacy" of Biden's win

House Minority Leader Kevin McCarthy (R-Calif.) was asked Wednesday whether he was concerned about elevating Rep. Elise Stefanik (R-N.Y.) to GOP leadership after she has promoted baseless claims about the election. He responded: "I don't think anybody is questioning the legitimacy of the presidential election."

Why it matters: Rep. Liz Cheney (R-Wyo.) was ousted as House GOP conference chair earlier Wednesday — in a vote that McCarthy supported — over her continued criticisms of former President Trump and his lies about election fraud.

Updated 2 hours ago - World

Gaza crisis: Casualties pile up with no signs of ceasefire from Israel, Hamas

Palestinians in the Gaza Strip leave their neighborhood on Wednesday following an explosion. Photo: li Jadallah/Anadolu Agency via Getty Images

Tel Aviv — With Israel and Hamas now engaged in their most destructive fight in seven years, the Biden administration is dispatching a State Department official to join the de-escalation efforts.

The latest: The Israeli air force attacked a meeting of senior Hamas military leaders on Wednesday in Gaza and reported it had killed the Gaza City Brigade commander and the heads of Hamas’ cyber arm and weapons research and development department, along with at least three other senior officials.