U.S. Department of Commerce

<p class="gdp">Last week, the U.S. Department of Commerce held the 11th SelectUSA Investment Summit which was the largest Investment Summit in its history with over 5,500 attendees spanning over a record 100+ international markets and over 1,100 economic developers representing 54 U.S. states and territories and catalyzing nearly $1 billion in new investment announcements.</p><p>“We are seeing a resurgence in foreign direct investment like never before because this administration is putting American businesses first,” said U.S. Secretary of Commerce Howard Lutnick. “Last week, investors at the SelectUSA Investment Summit committed over $1 billion in new investments for businesses across the country. &nbsp;The time to invest in America is now.”</p><p>The Investment Summit attracted several high-level Trump Administration officials, including White House National Economic Council Director Kevin Hassett, Secretary of Labor Lori Chavez-Deremer, United States Administrator of the Small Business Administration Kelly Loeffler, and Deputy Secretary of State Christopher Landau.</p><p>There were also 11 participating Governors and 14 Chiefs of Mission, along with dozens of speakers, moderators, panelists, sponsors, exhibitors, and attendees who contributed to the resounding success of the 2025 SelectUSA Investment Summit.</p><p><strong>The 2025 SelectUSA Investment Summit by the Numbers:</strong></p><ul><li>5,500+ attendees</li><li>1,100+ economic development organization representatives attended</li><li>2,700+ international delegates</li><li>54 U.S. states and territories represented</li><li>100+ international markets represented</li><li>14 U.S. Ambassadors and Chiefs of Mission, along with accompanying foreign delegations</li><li>11 U.S. state and territory Governors (Alaska, Delaware, Maryland, Michigan, Mississippi, New Jersey, New Mexico, North Carolina, Oklahoma, Puerto Rico, and Virginia)</li><li>5 White House and Cabinet representatives (NEC, Commerce, Labor, Small Business Administration, and State)</li><li>POTUS video remarks</li><li>160+ speakers</li></ul><p>Lastly, Commerce Secretary Lutnick announced that the 2026 SelectUSA Investment Summit will be held May 3-6, 2026.</p><p>For media related inquiries including interview requests please email: Rachel David (<a href="mailto:Rachel.David@trade.gov" rel="noreferrer">Rachel.David@trade.gov</a>).</p><p><strong>About SelectUSA</strong></p><p>Housed within the U.S. Department of Commerce’s International Trade Administration, SelectUSA promotes and facilitates business investment into the United States by coordinating related federal government agencies to serve as a single point of contact for investors and raises awareness of the critical role that economic development plays in the U.S. economy. SelectUSA assists U.S. economic development organizations to compete globally for investment by providing information, a platform for international marketing, and high-level advocacy. SelectUSA also helps foreign companies find the information they need to make decisions, connect to the right people at the local level, navigate the federal regulatory system, and find solutions to issues related to the federal government. For more information, visit <a href="https://urldefense.com/v3/__https:/links-2.govdelivery.com/CL0/http:*2F*2Fwww.trade.gov*2Fselectusa/1/01010196ef0e8d3d-0f35c987-127c-4c66-8890-4330649691f6-000000/WgO7gwuev8xxNTQEUchKxhm9WEpi1hVvzFmaLu3OuqQ=406__;JSUl!!FiG2giev53vN!6-gzUMou_k5rmREI0a8Ies5emhlwzAhUotOTarmEghxD7v2kd296hgKZ8-8YzKceWUKBrbPeTFkOgk8_kcnmZ7ll-bKITYDN8RQ$" rel="noreferrer">www.trade.gov/selectusa</a>.</p>

<p>The Tech Hubs program was established with broad bipartisan support by the 2022 CHIPS and Science Act and has awarded more than $541 million in appropriated funding through grants. To date, the program has designated 31 Tech Hubs in a Phase 1 competition and awarded 12 of those designated Hubs a total of $504 million via Implementation grants in a Phase 2 competition. Being designated as a Tech Hub in Phase 1 of the competition was a prerequisite for participation in Phase 2 of the competition and for receiving large Implementation grants. Tech Hub applicants were instructed via the Phase 2 NOFO to develop a portfolio of interconnected projects investing in Hub governance, infrastructure, workforce development, business and entrepreneur development, and technology development and maturation.</p><p>The FY25 National Defense Authorization Act, which was signed on December 23, 2024, included up to $500 million in additional funding for EDA’s Tech Hubs program using proceeds from a future spectrum auction by the FCC. The first $220 million of this funding comes in the form of a loan from Treasury which Secretary Lutnick approved, and EDA executed in March 2025. While efforts are currently underway to remove the requirement to pay interest on the borrowed funds, should EDA be required to repay this loan with interest, EDA’s only option is to set aside a portion of the $220 million loan for interest payments.&nbsp;</p><p>On January 14, 2025, the agency notified 6 Hubs (comprising 15 projects total) that they had been selected and would receive Phase 2 Implementation funding ranging from approximately $22 million to $48 million per Hub and announced these selections publicly. The announcement and decision to use existing Phase 2 applications resulted in some criticism from those Tech Hubs that did not receive awards and their Members of Congress. Since the announcement, EDA staff have internally reviewed selected project files for budget and programmatic changes necessary to ensure compliance with various legal requirements, including recent Executive Orders (EOs), but have not yet communicated those required adjustments to the selected Tech Hubs, pending Secretary Lutnick’s guidance.&nbsp;</p><p>Secretary Lutnick directed EDA to run a new competition with the $220 million loan. With his approval, EDA would execute the engagement plan outlined above and publish the statement to notify Members of Congress, the Tech Hubs, and the public of a new competition. EDA will then draft and publish a new notice of funding opportunity (NOFO) that will outline the terms of the competition, including:&nbsp;&nbsp;</p><ul><li>Add requirements to the NOFO for applicants to present information on how this project will be a bargain to taxpayers which will be used to evaluate and select awards. </li><li>Tech Hubs that have not received implementation awards to date will be eligible to compete in the competition. This is 19 of the 31 designated Tech Hubs and includes the 6 that were notified and publicly announced that they would receive awards and now will have to compete again for them. </li><li>Remove references to policy priorities of the previous administration including those that &nbsp; contradict with President Trump’s Executive Orders on diversity, equity, and inclusion and energy. References prioritizing unions and the Good Jobs Principles will also be removed. </li><li>Provide the 6 Tech Hubs that were announced as receiving awards but will now need to compete again for them with heightened consideration by reviewing these applications first in the investment review committee and preferencing these applications through a selection factor.&nbsp;</li></ul><p>&nbsp;</p>

<p>In 2022, Congress created the Tech Hubs Program to strengthen U.S. economic and national security by commercializing the technologies of the future. The investments made through this program can ensure that critical industries, companies, and jobs start, grow, and remain in the United States.</p><p>While these opportunities are exciting, all federal investment must be strategic, smart, and result in the best return for the taxpayer. Regrettably, on its way out the door, the prior Administration announced awards to six Tech Hubs, even though the funds were not yet available. Moreover, the process was rushed, opaque, and unfair- administration officials did not make prospective applicants aware of the competition and chose awardees using outdated applications submitted nearly a year earlier. A rushed process using outdated information is no way to invest taxpayer funds.</p><p>At my direction, the Commerce Department is revamping the Tech Hubs program to prioritize national security, project quality, benefit to the taxpayer, and a fair process. The EDA will release a new notice of funding opportunity this summer with the goal of announcing selections in early 2026. To be clear, this decision is not an indictment of the work that the previously selected Tech Hubs are doing. They can compete for funding alongside all other prospective applicants. This decision is about fairness and making prudent choices with hard earned taxpayer dollars. The process will be transparent, fair, and ensure that the American taxpayers are investing in the best technological advancements to bolster the growth of critical industries in the United States.</p><p><a href="//www.commerce.gov/news/fact-sheets/2025/05/tech-hubs-program-fact-sheet" rel="noreferrer">Tech Hubs Program Fact Sheet</a></p>

<p class="text-align-justify">The governments of the United Arab Emirates and the United States have agreed to establish the "US-UAE AI Acceleration Partnership" framework to further bolster cooperation around critical technologies and ensure the protection of such technologies based on a set of joint commitments.&nbsp;</p><p class="text-align-justify">The US will facilitate deeper technology cooperation with the UAE, including the launch of a 1GW AI data center, part of a planned 5GW UAE-US artificial intelligence technology cluster in Abu Dhabi to support regional computation demand,&nbsp;while meeting robust US security standards and other efforts to responsibly deploy AI infrastructure, both in the UAE and globally.&nbsp;</p><p class="text-align-justify">As part of the UAE investment program in digital infrastructure in the US, the UAE and the US governments will work together to make more efficient the process of inward investments into the United States by UAE Investment Funds. &nbsp;</p><p class="text-align-justify">Within 30 days of the agreement, the UAE and the US will establish a working group to implement, monitor and assess progress on the above.</p>

<ul><li><em>Breaking ground on 1GW AI Datacenter, part of a planned 5GW UAE-US artificial intelligence campus; largest such deployment outside of the US</em></li><li><em>Builds on a new Government-to-Government technology framework, “US-UAE AI Acceleration Partnership” </em></li><li><em>UAE’s national AI champion G42 to lead a consortium with US partners to build and invest in AI infrastructure in the UAE and globally, including in the US</em></li></ul><p><strong>Abu Dhabi, UAE; May 15, 2025</strong>: A new, comprehensive 5GW UAE-US AI Campus in Abu Dhabi was unveiled today at Qasr Al Watan in the presence of His Highness Sheikh Mohamed bin Zayed Al Nahyan, President of the United Arab Emirates, and President Donald J. Trump, 47th President of the United States. The new AI campus, the largest outside of the US, will be home to US hyperscalers and large enterprises that can leverage the capacity for regional compute with the ability to serve the Global South.</p><p class="text-align-justify">The UAE-US AI campus&nbsp;will include 5GW of capacity for AI data centers in Abu Dhabi, providing a regional platform from which US hyperscalers will be able to offer latency-friendly services to nearly half of the global population living within 3,200 km (2,000 miles) of the UAE. Once completed, the facility will leverage nuclear, solar, and gas power to minimize carbon emissions and will also house a science park driving advancements in AI innovation.&nbsp;</p><p class="text-align-justify">The campus, which will span 10 square miles within the Emirate, will be&nbsp;built by G42 and operated in partnership with several US companies. The endeavour builds on a new framework by the US and UAE governments, the “US-UAE AI Acceleration Partnership,” to deepen cooperation and collaboration on AI and advanced technologies.&nbsp;</p><p class="text-align-justify">The UAE is committed to safeguarding advanced AI technologies by implementing stringent measures to prevent diversion and ensure controlled access to technology. The UAE and US will work together to enhance Know-Your-Customer protocols to regulate access to the compute resources, which are reserved for US hyperscalers and approved cloud service providers.&nbsp;</p><p class="text-align-justify"><strong>His Highness Sheikh Tahnoon bin Zayed Al Nahyan, Chairman of the Artificial Intelligence and Advanced Technology Council (AIATC) said:</strong> “Today’s agreement is a testament to the ongoing collaboration between our countries in artificial intelligence.&nbsp; It is an expression of the UAE’s commitment to pioneering innovation and fostering global collaboration in artificial intelligence, strengthening the UAE’s position as a hub for cutting-edge research and sustainable development, delivering transformative benefits for humanity.”</p><p class="text-align-justify"><strong>U.S. Secretary of Commerce Howard W. Lutnick said:&nbsp;</strong>“Today’s agreement launches an historic middle eastern partnership on AI between our two nations. It promotes major investment in advanced semiconductors and data centers across the U.S. and the UAE.&nbsp; In the UAE, American companies will operate the data centers and offer American-managed cloud services throughout the region. The agreement also contains strong security guarantees to prevent diversion of U.S. technology. By extending the world’s leading American tech stack to an important strategic partner in the region, this agreement is a major milestone in achieving President Trump’s vision for U.S. AI dominance.”</p><p class="text-align-justify">The UAE has been a pioneer in encouraging AI adoption in commercial and governmental activities.&nbsp; It was the first country to appoint a federal Minister of Artificial Intelligence in 2017 and established the Mohamed bin Zayed University of Artificial Intelligence in 2019.&nbsp;</p><p class="text-align-justify">The country was also one of the first to launch a national AI strategy in 2017, the UAE Strategy for Artificial Intelligence, and is on track to become a global AI hub. This ambitious roadmap prioritizes transformative AI integration across critical sectors, including education, healthcare, transportation, and energy, cementing the UAE’s role as a pioneer in the global AI landscape.</p>

<p>Today, U.S. Secretary of Commerce Howard Lutnick announced the latest speakers to join the growing list of high-level attendees, including CEOs and company executives, U.S. Cabinet Members, senior administration officials, and U.S. governors participating at the 2025 SelectUSA Investment Summit, scheduled for May 11-14 at the Gaylord National Resort and Convention Center in National Harbor, Maryland.&nbsp;</p><p>C-suite executives from leading global businesses speaking on Plenary Sessions now include:</p><ul><li>Mark England, President, GlobalWafers Co. Ltd. </li><li>Rene Haas, CEO, ARM Holdings plc </li><li>Barbara Humpton, President and CEO, Siemens Corporation</li><li>Ola Källenius,&nbsp;Chairman of the Board of Management and CEO, Mercedes-Benz Group AG</li></ul><p>U.S. Cabinet Members and Senior Administration Officials newly confirmed to give main stage remarks at the Investment Summit include:&nbsp;</p><ul><li>U.S. Secretary of Labor Lori Michelle Chavez-DeRemer</li><li>U.S. Deputy Secretary of State Christopher Landau</li><li>White House National Economic Council Director Kevin Hassett</li></ul><p>And joining the growing lineup of participating U.S. Governors are:</p><ul><li>Delaware Governor Matt Meyer</li><li>Mississippi Governor Tate Reeves</li><li>New Mexico Governor Michelle Lujan Grisham</li></ul><p>“President Donald Trump is committed to bringing in trillions of dollars in new investment into the United States, and SelectUSA is key to making that happen,” said Secretary Lutnick. “We are committed to working together with leaders across industry and government because the time to invest in America is now.”&nbsp;</p><p>This year’s Investment Summit will also be the premier foreign direct investment (FDI) platform for over ten planned new announcements by economic development organizations and global businesses of all sizes for investment and expansion plans in the United States.</p><p>The newly announced speakers above will join the already impressive list of participating attendees including business leaders Ashley Magargee, Chief Executive Officer, Genentech; and José Muñoz, President and CEO, Hyundai Motor Company; and U.S. Governors Mike Dunleavy (AK), JB Pritzker (IL), Wes Moore (MD), Gretchen Whitmer (MI), Phil Murphy (NJ), Josh Stein (NC), Jenniffer González-Colón (PR), and Glenn Youngkin (VA).</p><p>Last year’s SelectUSA Investment Summit brought together more than 5,000 participants, including economic development organizations (EDOs) representing all 56 U.S. states and territories and Washington, D.C., more than 2,500 business investors and delegates from over 90 international markets, and industry experts who provided insights and advice on how to invest in the United States successfully. The SelectUSA Investment Summit has directly helped generate more than $135 billion in new U.S. investment projects, supporting over 105,000 jobs across the United States and its territories.</p><p>A full list of confirmed speakers and the current agenda for the 2025 SelectUSA Investment Summit is available online at <a href="http://www.selectusasummit.us" rel="noreferrer">www.selectusasummit.us</a>.</p><p><strong>Media Registration Now Open</strong></p><p>Accredited journalists must apply for a Press Pass online at <a href="https://www.selectusasummit.us/Applications/Press-Pass-Application" rel="noreferrer">https://www.selectusasummit.us/Applications/Press-Pass-Application</a></p><p>For media related inquiries including interview requests please email: Rachel David (<a href="mailto:Rachel.David@trade.gov" rel="noreferrer">Rachel.David@trade.gov</a>).&nbsp;</p><p><strong>About SelectUSA</strong></p><p>Housed within the U.S. Department of Commerce’s International Trade Administration, SelectUSA promotes and facilitates business investment into the United States by coordinating related federal government agencies to serve as a single point of contact for investors and raises awareness of the critical role that economic development plays in the U.S. economy. SelectUSA assists U.S. economic development organizations to compete globally for investment by providing information, a platform for international marketing, and high-level advocacy. SelectUSA also helps foreign companies find the information they need to make decisions, connect to the right people at the local level, navigate the federal regulatory system, and find solutions to issues related to the federal government. For more information, visit <a href="http://www.trade.gov/selectusa" rel="noreferrer">www.trade.gov/selectusa</a>.</p>

<p>Today, the United States and the United Kingdom announced a historic trade deal – providing unprecedented access to the U.K. markets while bolstering U.S. national security.&nbsp;</p><p>The reciprocal tariff rate of 10%, as originally announced on Liberation Day, will remain. The trade deal will increase tariff revenue dramatically, bringing in billions of dollars in new revenue.&nbsp;</p><p>The deal removes longstanding U.K. market barriers creating a $5 billion opportunity of new exports for U.S. farmers, ranchers, and producers. These exports include ethanol, beef, fruits, vegetables, animal feed, tobacco, shellfish, chemicals, textiles, and more. The&nbsp;U.S.-U.K. trade&nbsp;deal will usher in a golden age of new opportunity for U.S. exporters, establishing a long-sought level playing field for American producers.&nbsp;</p><p>Under the deal, U.K. car manufacturers are limited to a 100,000 per year vehicle quota&nbsp;at the reciprocal rate of 10% and thereafter will pay 25%. The U.S.-U.K. trade deal furthers shared national security interests by creating a new union for steel and aluminum and establishing a secure supply chain for pharmaceutical products.&nbsp;</p><p>“This deal marks a new era in our relationship with the United Kingdom, our great ally,”&nbsp;said Secretary Lutnick. “And more importantly this deal opens up an enormous multibillion dollar export opportunity for hardworking Americans. While groundbreaking, this deal is the first of many as President Trump continues to deliver on his promises to the American people.”&nbsp;</p><p>&nbsp;</p>

<p>Today, U.S. Secretary of Commerce Howard Lutnick visited the Taiwan Semiconductor Manufacturing Company (TSMC) semiconductor fabrication facility in Phoenix, Arizona where the company broke ground on a third fab facility.</p><p>The visit highlights the Trump Administration’s renewed commitment to strengthening and expanding the golden age of American manufacturing. In the first 100 days, we at the Department of Commerce worked with industry leaders across the world to accelerate investment in the production of American-made goods ranging from aluminum to semiconductors.</p><p>Through the Investment Accelerator Program, Americans are already witnessing massive progress. TSMC Arizona’s third fab facility is one example of this. Their expansion will create cutting-edge chips that advance American artificial intelligence, data centers, and smartphones.</p><p>TSMC’s additional $100 billion investment is also expected to create 40,000 construction jobs over the next four years, tens of thousands of high-paying, high-tech jobs, and drive over $200 billion in indirect output across Arizona in the coming decade.</p><p>This demonstrates the growing importance of U.S.-based manufacturing and the critical role of public-private partnerships in solidifying America’s role as technological leader. Commerce will continue working at a historic pace to fulfill President Trump’s agenda and deliver on his promises.</p><p>U.S. Secretary of Commerce Howard Lutnick emphasized the importance of TSMC’s investments,</p><blockquote><p>“We are at TSMC Arizona to celebrate the return of American manufacturing. President Trump’s bold leadership and clear direction are driving companies and jobs back to this country at a record pace.”</p></blockquote><p>&nbsp;TSMC Chairman and CEO Dr. C.C. Wei,</p><blockquote><p>“We were delighted to welcome U.S. Secretary of Commerce Howard Lutnick to TSMC Arizona, the largest single foreign direct investment in U.S. history, and showcase the progress of our operation as he commemorates the first 100 days of the White House administration. As part of our commitment to support the needs of America's leading innovators in smartphones, HPC and AI, we recently broke ground on our third fab, which will introduce more advanced semiconductor capacity to the United States. We are grateful for the Secretary’s commitment to supporting the advanced semiconductor manufacturing ecosystem."</p></blockquote><p>Tim Cook, Apple’s CEO also expressed support,</p><blockquote><p>“We're proud to support the high-skilled American jobs of tomorrow. As TSMC Arizona’s first and largest customer, we’re excited for the future of American innovation and the incredible opportunities it will create.”&nbsp;&nbsp;&nbsp;</p></blockquote><p>Jensen Huang, founder and CEO of NVIDIA,</p><blockquote><p>"AI is revolutionizing every aspect of the technology stack,&nbsp;and NVIDIA AI supercomputers are at the foundation. We’re proud to produce our technology in Arizona, bringing AI infrastructure manufacturing back to America. The administration’s support for U.S. manufacturing makes this possible—and vital—for the next industrial revolution.”</p></blockquote><p>Dr. Lisa Su, chair and CEO of Advanced Micro Devices (AMD),</p><blockquote><p>"High-performance chips are essential to U.S. innovation and economic growth. As one of the first and largest HPC customers for TSMC’s Arizona Fab, we’re proud to begin production of our leadership 5th&nbsp;Gen AMD EPYC server processors later this year. This collaboration reflects our deep commitment to strengthening U.S. leadership in semiconductor design and advanced manufacturing."&nbsp;</p></blockquote>

<p>On Tuesday, April 8, 2025, U.S. Secretary of Commerce Howard Lutnick announced that nearly $4 million in funding is ending to Princeton University after a detailed, careful, and thorough review of the Department’s financial assistance programs against National Oceanic and Atmospheric Administration’s (“NOAA”) current program objectives. In addition, the ending of these award programs will streamline and reduce the cost and size of the Federal Government, consistent with President Trump’s promise for his Administration.</p><p>The Department of Commerce is delivering on that promise.</p><p>Specifically, the following awards to Princeton are no longer aligned with the program objectives of NOAA, a sub-agency of the Department of Commerce, and are no longer in keeping with the Trump Administration’s priorities:<br>&nbsp;</p><ul><li><strong>Cooperative Institute for Modeling the Earth System I:</strong> This cooperative agreement promotes exaggerated and implausible climate threats, contributing to a phenomenon known as “climate anxiety,” which has increased significantly among America’s youth. Its focus on alarming climate scenarios fosters fear rather than rational, balanced discussion. Additionally, the use of federal funds to support these narratives, including educational initiatives aimed at K-12 students, is misaligned with the administration's priorities. NOAA will no longer fund these initiatives.<br>&nbsp;</li><li><strong>Climate Risks &amp; Interactive Sub-seasonal to Seasonal Predictability: </strong>This cooperative agreement suggests that the Earth will have a significant fluctuation in its water availability as a result of global warming. Using federal funds to perpetuate these narratives does not align with the priorities of this Administration and such time and resources can be better utilized elsewhere.<br>&nbsp;</li><li><strong>Advancing Prediction: </strong>A Regional Coupled Atmosphere-Ocean Model for High Resolution Physical Process Studies of the Air Sea Interface: This cooperative agreement has used its resources to assess risks associated with climate change, including alleged changes to precipitation patterns and sea-level rise. It also aims to address coastal inundation while other more targeted research efforts are addressing this issue. Additionally, the cost of simulating this program’s specific atmosphere-ocean-wave interactions is exceedingly high, diverting resources from more practical and cost-effective solutions.</li></ul><p>For these reasons, the Department of Commerce will not continue funding these multi-year awards to Princeton University, saving the United States taxpayer millions of dollars in the process effective June 30, 2025.<br>The Department will, of course, continue to review its outstanding cooperative agreements, grant awards, and other financial assistance on an individualized basis to avoid wasteful governmental spending—whether they be to Princeton or any other recipient.</p><p>In doing so, the Department will be doing its part to continue to “right size” the Federal Government. Reducing and streamlining the Department of Commerce’s external financial assistance programs is a key part of its efforts to be a responsible steward of federal funding from hard-working American taxpayers.</p>

<p>Today, U.S. Secretary of Commerce Howard Lutnick announced the first wave of global business leaders, and U.S. Governors participating at the 2025 SelectUSA Investment Summit, scheduled for May 11-14 at the Gaylord National Resort and Convention Center in National Harbor, Maryland.</p><p>“President Trump’s America First Investment Policy is revitalizing our economy and making the United States of America the most attractive destination for foreign direct investment,” said Secretary Lutnick. “SelectUSA is an integral part of our Administration’s efforts to increase foreign investments across the country. We look forward to hosting the 2025 SelectUSA Investment Summit at the Gaylord Convention Center beginning on May 11^th.”</p><p>Moreover, the United States was ranked today as the top destination for foreign direct investment for the 13th consecutive year, according to Kearney’s Global Business Policy Council’s <a href="https://www.kearney.com/service/global-business-policy-council/foreign-direct-investment-confidence-index" rel="noreferrer">2025 Foreign Direct Investment (FDI) Confidence Index</a>. The annual survey of global senior executives and investors found that the United States continues to maintain its lead ranking for 13 consecutive years thanks to the U.S. market’s technological innovation and constant economic growth and performance. For its part, SelectUSA has played an essential role in creating the environment that allows the United States to maintain the top position consistently.</p><p>Executive leadership from global businesses will participate as main stage speakers, including:</p><ul><li>Ashley Magargee, Chief Executive Officer, Genentech</li><li>José Muñoz, President and CEO, Hyundai Motor Company</li></ul><p>The Investment Summit is drawing robust state engagement, and several U.S. Governors will also participate, including:</p><ul><li>Alaska Governor Mike Dunleavy</li><li>Illinois Governor JB Pritzker</li><li>Iowa Governor Kim Reynolds</li><li>Maryland Governor Wes Moore</li><li>Michigan Governor Gretchen Whitmer</li><li>New Jersey Governor Phil Murphy</li><li>North Carolina Governor Josh Stein</li><li>Oklahoma Governor Kevin Stitt</li><li>Puerto Rico Governor Jenniffer González-Colón</li><li>Virginia Governor Glenn Youngkin</li></ul><p>The SelectUSA Investment Summit is a platform for new announcements by foreign investors detailing their expansion plans in the United States and economic development organizations (EDOs) spotlighting new investments in their local area. Last year’s SelectUSA Investment Summit brought together more than 5,000 participants, including EDOs representing all 56 U.S. states and territories and Washington, D.C., more than 2,500 business investors and delegates from over 90 international markets, and industry experts who provided insights and advice on how to successfully invest in the United States. The SelectUSA Investment Summit has directly helped generate more than $135 billion in new U.S. investment projects, supporting over 105,000 jobs across the United States and its territories.</p><p>A full list of confirmed speakers and the current agenda for the 2025 SelectUSA Investment Summit is available online at <a href="https://www.selectusasummit.us/" rel="noreferrer">www.selectusasummit.us</a>.</p><p><strong>&nbsp;</strong></p><p><strong>Media Registration Now Open</strong></p><p>Accredited journalists must apply for a Press Pass online at <a href="https://www.selectusasummit.us/Applications/Press-Pass-Application" rel="noreferrer">https://www.selectusasummit.us/Applications/Press-Pass-Application</a></p><p>For media related inquiries and troubleshooting, please email: Rachel David (<a href="mailto:Rachel.David@trade.gov" rel="noreferrer">Rachel.David@trade.gov</a>).</p><p><strong>&nbsp;</strong></p><p><strong>About SelectUSA</strong></p><p>Housed within the U.S. Department of Commerce’s International Trade Administration, SelectUSA promotes and facilitates business investment into the United States by coordinating related federal government agencies to serve as a single point of contact for investors and raises awareness of the critical role that economic development plays in the U.S. economy. SelectUSA assists U.S. economic development organizations to compete globally for investment by providing information, a platform for international marketing, and high-level advocacy. SelectUSA also helps foreign companies find the information they need to make decisions, connect to the right people at the local level, navigate the federal regulatory system, and find solutions to issues related to the federal government. For more information, visit <a href="https://www.trade.gov/selectusa" rel="noreferrer">www.trade.gov/selectusa</a>.</p>

<p class="gdp">On Friday, U.S. Secretary of Commerce Howard Lutnick hosted a signing ceremony for a major commercial agreement between Korean Air and American aviation leaders Boeing and GE Aerospace, valued at approximately $32 billion. The agreement covers Korean Air’s purchase of up to 50 widebody aircraft manufactured by Boeing using GE Aerospace engines. The event underscored the Trump administration’s commitment to launching a new American manufacturing renaissance and Golden Age.&nbsp;</p><ul><li><strong>Secretary Lutnick:</strong> “President Trump and I are dedicated to launching a new era for American manufacturing, and today's announcement clearly illustrates the global recognition of American manufacturing and innovation. Our skilled workforce at industry leaders like Boeing and GE Aerospace embodies America's unparalleled industrial strength and technological prowess. The Department of Commerce remains committed to supporting these endeavors that will fuel our nation's economic resurgence.”</li><li><strong>Kelly Ortberg, President and CEO of Boeing:</strong> &nbsp;“The support provided by the Department of Commerce has been essential, and we are eager to continue working together to enhance the competitiveness of American manufacturing and exports. Our ongoing collaboration with Korean Air highlights international confidence in aircraft made in America.”</li><li><strong>Russell Stokes, President and CEO of Commercial Engines and Services at GE Aerospace:</strong> “We greatly value Korean Air’s ongoing trust and the Commerce Department’s consistent support for American technological leadership. We're enthusiastic about advancing our longstanding collaboration, supporting Korean Air's fleet modernization and growth ambitions.”</li></ul><p>Since taking office, the Trump administration has already secured over $3 trillion worth of investment commitments in the United States and is committed to slashing America’s trade deficit.</p><div data-entity-type="media" data-entity-uuid="ad86aa29-33df-409d-a708-5c3c00154f9b" data-embed-button="media" data-entity-embed-display="view_mode:media.full" data-entity-embed-display-settings="[]" data-langcode="en" class="embedded-entity"><article class="media media--type-image media--view-mode-"> <div class="field field--name-field-media-image field--type-image field--label-hidden field__item"> <a href="//www.commerce.gov/sites/default/files/2025-03/KAL_Signing_DC-9461.jpg"> <img width="1000" height="563" src="//www.commerce.gov/sites/default/files/styles/full_content_image/public/2025-03/KAL_Signing_DC-9461.jpg?itok=D0UymV24" alt="Photo from the signing ceremony of a commercial agreement between Korean Air and American aviation leaders Boeing and GE Aerospace."> </a> </div> </article> </div> <p><em>Photo from the signing ceremony of a commercial agreement between Korean Air and American aviation leaders Boeing and GE Aerospace.</em></p>

<p>U.S. Secretary of Commerce Howard Lutnick and U.S. Trade Representative Jamieson Greer met with Secretary of State for Business and Trade Jonathan Reynolds and the Prime Minister’s Special Adviser on Business and Investment Varun Chandra to discuss a potential bilateral trade agreement following last month’s meeting between the President and United Kingdom Prime Minister Keir Starmer.</p><p>During the discussion, Secretary Lutnick laid out his desire, the Trump Administration’s view, that any future agreement will lower barriers for American companies, while creating jobs in both countries and supporting the growth of critical sectors of the economy.</p><p>The effort to develop this deal will continue to unfold over the coming days and weeks.</p>

<p>U.S. Secretary of Commerce Howard Lutnick and U.S. Trade Representative Jamieson Greer met today with Canadian Minister of Finance Dominic LeBlanc, Ontario Premier Doug Ford, Canadian Minister of Innovation, Science, and Industry François-Philippe Champagne, and Canadian Ambassador to the United States Kirsten Hillman in advance of the April 2nd reciprocal tariff deadline to discuss the Trump Administration’s steel and aluminum tariffs, and its goal of fair trade with Canada and the province of Ontario, while working to secure America’s border and eliminate fentanyl.</p><p>During the meeting, Secretary Lutnick and Ambassador Greer highlighted the Trump Administration’s steadfast commitment to pursuing fair trade and Canada’s potential role in those efforts. Both countries recognized the strength and history of their relationship.</p><p>Secretary Lutnick is dedicated to fulfilling President Donald J. Trump’s vision on trade. Since he was confirmed, Secretary Lutnick has met with numerous foreign representatives to ensure that the President’s message is heard and acted on accordingly by our partners around the world. By building balanced and fair relationships that eliminate the current status quo of overwhelming trade deficits and crushing foreign restrictions, the Trump Administration will help U.S. companies, large and small, prosper in the global marketplace.</p>

<p>“In 2021, Congress created the Broadband Equity, Access, and Deployment (BEAD) program to expand Americans’ access to high-speed internet.&nbsp; But, years later, because of the prior Administration’s woke mandates, favoritism towards certain technologies, and burdensome regulations, the program has not connected a single person to the internet and is in dire need of a readjustment. &nbsp;</p><p>“Under my leadership, the Commerce Department has launched a rigorous review of the BEAD program.&nbsp; The Department is ripping out the Biden Administration’s pointless requirements.&nbsp; It is revamping the BEAD program to take a tech-neutral approach that is rigorously driven by outcomes, so states can provide internet access for the lowest cost.&nbsp; Additionally, the Department is exploring ways to cut government red tape that slows down infrastructure construction.&nbsp; We will work with states and territories to quickly get rid of the delays and the waste. Thereafter we will move quickly to implementation in order to get households connected.&nbsp;</p><p>“Under the revamped BEAD program, all Americans will receive the benefit of the bargain that Congress intended. &nbsp;We’re going to deliver high-speed internet access, and we will do it efficiently and effectively at the lowest cost to taxpayers.”</p>

<p>SECRETARY LUTNICK:&nbsp; So, I’m thrilled to be here today, because President Trump has made it a fundamental objective to bring semiconductor chip manufacturing home to America.&nbsp;<br><br>Under the Biden administration, TSMC received a $6 billion grant, and that encouraged them to build $65 billion.&nbsp; So, America gave TSMC 10 percent of the money to build here.&nbsp; And now you’re seeing the power of Donald Trump’s presidency, because TSMC, the greatest manufacturer of chips in the world, is coming to America with a $100 billion investment.&nbsp; And, of course, that is backed by the fact that they can come here because they can avoid paying tariffs.&nbsp;<br><br>So, the idea is: Come to America.&nbsp; Build greatness in America.&nbsp; Build for the American customers — the Apple, Nvidia, that whole list that Chairman Wei gave — in order to bring production to America.&nbsp;</p><p>So, we’re really, really excited.&nbsp; This continues the most incredible path you’ve ever seen, in these first weeks and months of the Trump administration, of incredible manufacturing coming to America.&nbsp; The keys that the president has called out are coming here.&nbsp; They’re coming here in huge size because they want to be in the greatest market in the world, and they want to avoid the tariffs that, if they’re not here, they’d have to suffer.&nbsp;<br><br>So, I want to congratulate C.C. Wei for bringing in this incredible $100 billion investment, but it’s on the shoulders of our president, Donald Trump, which is why he’s coming.&nbsp;<br><br>So, thank you.&nbsp;&nbsp;</p><p></p><p><a href="https://www.whitehouse.gov/remarks/2025/03/remarks-by-president-trump-on-investment-announcement/" rel="noreferrer">Full remarks from the Investment Announcement are available on Whitehouse.gov</a>.</p>