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Your guide to what Trump\u2019s second term means for Washington, business and the world<\/p>\n
Donald Trump has claimed more than $90bn in investments in the battleground state of Pennsylvania on Tuesday, as he sought to deliver on his economic promises and turn around his faltering approval rating.<\/p>\n
Speaking at the Pennsylvania Energy and Innovation Summit, the US president pledged \u201clots of jobs\u201d, speedy permits for electric plants and billions of dollars in new investment in energy and artificial intelligence infrastructure.<\/p>\n
\u201cWe\u2019re back in Pittsburgh to announce the largest package of investments in the history of the Commonwealth of Pennsylvania, and it\u2019s not even close,\u201d he said. <\/p>\n
The final investment tally is uncertain because some commitments \u2014 such as Homer City Redevelopment\u2019s $15bn natural gas purchase pledge \u2014 are only agreements in principle.<\/p>\n
Trump\u2019s remarks came as the Republican party seeks to sell his signature economic legislation ahead of Congress\u2019 midterm elections next year. The so-called \u201cbig, beautiful bill\u201d is politically divisive, extending tax cuts while reducing funding for Medicaid, a healthcare insurance programme for the poor. <\/p>\n
The president\u2019s approval rating stands below 45 per cent. His disapproval rate has climbed in recent weeks.<\/p>\n
Trump\u2019s trip underscored the importance of a swing state that twice elected him to the White House and provided an early campaign opportunity for his party. Vice-president JD Vance will travel to the state on Wednesday to sell the \u201cbig, beautiful bill\u201d.<\/p>\n
The Pennsylvania summit, which was announced days into Trump\u2019s second term, was organised by Republican senator Dave McCormick and featured billionaire business leaders including Blackstone president Jon Gray, BlackRock chief executive Larry Fink, as well as members of the president\u2019s cabinet.<\/p>\n
Private capital group Blackstone pledged to spend $25bn on data centre development in north-east Pennsylvania, as well as a new joint venture with utility PPL Corporation for power generation. Blackstone claimed the investment would create 6,000 construction jobs as well as 3,000 permanent ones.<\/p>\n
Gray said Blackstone is \u201csuper bullish\u201d on the state as an AI hub.<\/p>\n
\u201cWe believe this new technology can lead to a manufacturing renaissance in the US,\u201d he said. \u201cGenerating electrons will spur economic activity and employment growth right here in Pennsylvania.\u201d<\/p>\n
The largest investors also include data centre operator CoreWeave, which announced a $6bn investment in an up to 300 megawatt facility \u2014 creating 600 temporary and 175 full-time roles \u2014 while PA Data Center Partners and PowerHouse Data Centers pledged $15bn to build a 1.3 gigawatt data centre hub.<\/p>\n
First Energy, a utility group, will invest $15bn on distribution and grid infrastructure.<\/p>\n
The Trump administration has made building out the nation\u2019s AI capabilities a top strategic goal as it seeks to outpace China.<\/p>\n
Yet analysts have warned the US lacks the infrastructure to support the pledged data centre investments. <\/p>\n
\u201c[These] investments won\u2019t move the needle in the near-term in terms of\u2009.\u2009.\u2009. meeting the administration\u2019s AI ambitions,\u201d said Wood Mackenzie\u2019s Ben Hertz-Shargel. \u201cThey will increase the load on the grid without investing in the grid itself.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"
Unlock the White House Watch newsletter for free Your guide to what Trump\u2019s second term means for Washington, business and the world Donald Trump has claimed more than $90bn in investments in the battleground state of Pennsylvania on Tuesday, as he sought to deliver on his economic promises and turn around his faltering approval rating.<\/p>\n","protected":false},"author":1,"featured_media":11009,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[49],"tags":[4203,964,611,1882,4204,4205,4202,81],"class_list":{"0":"post-11008","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-business","8":"tag-90bn","9":"tag-donald","10":"tag-energy","11":"tag-event","12":"tag-investments","13":"tag-pennsylvania","14":"tag-touts","15":"tag-trump"},"_links":{"self":[{"href":"https:\/\/naijaglobalnews.org\/index.php?rest_route=\/wp\/v2\/posts\/11008","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/naijaglobalnews.org\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/naijaglobalnews.org\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/naijaglobalnews.org\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/naijaglobalnews.org\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=11008"}],"version-history":[{"count":0,"href":"https:\/\/naijaglobalnews.org\/index.php?rest_route=\/wp\/v2\/posts\/11008\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/naijaglobalnews.org\/index.php?rest_route=\/wp\/v2\/media\/11009"}],"wp:attachment":[{"href":"https:\/\/naijaglobalnews.org\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=11008"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/naijaglobalnews.org\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=11008"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/naijaglobalnews.org\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=11008"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}