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President Trump and Foxconn Chairman Terry Gou at groundbreaking in. Wisconsin. Photo: Brendan Smialowski/AFP via Getty Images

Taiwanese electronics company Foxconn is reconsidering its plans to manufacture flatscreen panels at a $10 billion Wisconsin plant that promised to bring in 13,000 jobs, Reuters reports.

Why it matters: Foxconn's 2017 pledge to build the plant, which drew billions of dollars in subsidies from state taxpayers, has been touted by President Trump as one of the largest manufacturing investments by a foreign-based company in U.S. history. A Foxconn representative told Reuters that steep labor costs at the Wisconsin plant would make it impossible to compete with manufacturers outside the U.S., and that three-quarters of the plant's eventual jobs will be in research and design — rather than "blue-collar manufacturing jobs."

The big picture: The change in plans comes as demand for Apple's iPhone and other smartphones — many of which are manufactured by Foxconn — is dipping as a result of a weakening Chinese economy, the U.S.-China trade war and other factors. As the Philly Inquirer's Joseph DiStefano also notes, "Foxconn has been the subject of several stories touting astronomical sums of future investment, none of which have come to pass."

  • These include $100 million-to-$1 billion investments the company has pledged, and later reneged on, in Brazil, Vietnam, Indonesia, Colorado, Louisiana and four other states, according to the Inquirer.

Go deeper: Corporations are fleeing global chaos

Go deeper

3 hours ago - Politics & Policy

Kellyanne Conway's parting power pointers

Kellyanne Conway addresses the 2020 Republican National Convention. Photo: Nicholas Kamm/AFP via Getty Images

Kellyanne Conway has seen power exercised as a pollster, campaign manager and senior counselor to President Trump. Now that his term in office has concluded, she shared her thoughts with Axios.

Why it matters: If there's a currency in this town, it's power, so we've asked several former Washington power brokers to share their best advice as a new administration and new Congress settle in.

3 hours ago - Politics & Policy

GOP holdouts press on with plans to crush Cheney

Screenshot of emails to a member of Congress from individuals who signed an Americans for Limited Government petition against Rep. Liz Cheney. Photo obtained by Axios

Pro-Trump holdouts in the House are forging ahead with an uphill campaign to oust Rep. Liz Cheney as head of the chamber's Republican caucus even though Minority Leader Kevin McCarthy told them to back down.

Why it matters: What happens next will be a test of McCarthy's party control and the sincerity of his opposition to the movement. Cheney (R-Wyo.) is seen as a potential leadership rival to the California Republican.

Democrats aim to punish House GOP for Capitol riot

Speaker Nancy Pelosi passes through a newly installed metal detector at the House floor entrance Thursday. Photo: Drew Angerer/Getty Images

House Democrats plan to take advantage of corporate efforts to cut funding for Republicans who opposed certifying the 2020 election results, with a plan to target vulnerable members in the pivotal 2022 midterms for their role in the Jan. 6 violence.

Why it matters: It's unclear whether the Democrats' strategy will manifest itself in ads or earned media in the targeted races or just be a stunt to raise money for themselves. But the Capitol violence will be central to the party's messaging as it seeks to maintain its narrow majorities in Congress.