The United States and Saudi Arabia reached a $142 billion arms deal, President Donald Trump shared on Tuesday.
Trump’s announcement came during his speech at the Saudi-U.S. Investment Forum in Riyadh, Saudi Arabia, amid his state visit to the Middle East.
“In addition to purchases of $142 billion of American-made military equipment by our great Saudi partners, the largest ever, this week, there are multibillion dollar commercial deals with Amazon, Oracle, AMD…Uber, Qualcomm, Johnson & Johnson, and many, many more,” the president said.
The commander-in-chief touted the quality of American military products moments earlier.
“Nobody makes military equipment like us; the best military equipment, the best missiles, the best rockets, the best everything. Best submarines — by the way, most lethal weapon in the world.”
He estimated that with the trip to the Middle East, which includes stops in the United Arab Emirates and Qatar before he returns Friday, the administration would help secure $1 trillion in additional investment in the United States and U.S. companies.
Trump has overseen a major influx of investment into America since he returned to office. He estimated late last month that investments in the private sector and other commitments since January 20 would soon total more than $8 trillion.
“We have a total of close to $8 trillion all told,” the president said. “And there’s never been anything like that in this country; we’ve never had anything close. I would say, if you looked at the last administration, probably for four years, they did maybe less than $1 [trillion], and we’ve done almost $8 [trillion].”
On the first full day of Trump’s second administration, Stargate — a joint project between Oracle, OpenAI, and SoftBank — announced a $500 billion investment in the U.S., which was followed by respective half-trillion-dollar announcements from Apple and Nvidia. Taiwanese Semiconductor Manufacturing Company (TSMC) is committing $100 billion, while dozens of other companies have unveiled substantial investments as well.
Read the full article here