Kim Hart Nov 2
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Broadcom plans to move to U.S., praising GOP tax reform proposal
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."