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.

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Ford names James Farley as new CEO amid ongoing turnaround effort

James Hackett, left, is retiring as Ford CEO. Jim Farley, right, takes over Oct. 1. Photo: Ford

Ford announced Tuesday that James Farley will take over as its next CEO, replacing James Hackett, 65, who is retiring after three years in the job.

Why it matters: It leaves Farley to complete the company's ongoing turnaround effort. The transition will be that much harder as the industry tries to navigate the coronavirus-induced economic slowdown which shuttered Ford plants for two months on the eve of some of its most important vehicle launches.

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Watch the full "Axios on HBO" interview with President Trump

In this episode of “Axios on HBO”, President Trump discusses his handling of the coronavirus pandemic, the upcoming election and much more with National Political Correspondent Jonathan Swan.

The interview was filmed on Tuesday, July 28 and aired Monday, Aug. 3 on HBO.

Mergers and acquisitions make a comeback

Illustration: Sarah Grillo/Axios

A slew of high-profile headlines led by Microsoft's expected acquisition of social media video app TikTok helped bring the Nasdaq to another record high on Monday.

Why it matters: The mergers-and-acquisitions market looks like it's bouncing back, joining the revived credit and equity markets as well as the market for new public companies through IPOs and special purpose acquisition companies (SPACs).