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Trump's 'eighth wonder of the world' is no more

Lovemoney Logo By Hannah Ward-Glenton of Lovemoney | Slide 1 of 68: The $10 billion factory that Taiwanese electronics company Foxconn was set to build in Wisconsin, and that former President Trump hailed as the new "eighth wonder of the world", has been drastically scaled back, it's been announced. Launching the project in 2017, Trump (pictured at the site's groundbreaking in 2018 with then-Wisconsin governor Scott Walker [left] and then-Foxconn CEO Terry Gou [right]) boasted that the 20 million-square-foot factory, building cutting-edge, flat-screen displays for TVs and other devices, would revitalize US manufacturing and create 13,000 jobs. However, this week Foxconn has confirmed that its investment in the Wisconsin plant has been reduced to just $672 million, with only 1,454 jobs being created. The news comes after a considerable amount of US taxpayer money has already been spent on the site, with the village where the factory is located spending $152 million on buying up 132 properties to make space for the project, as well as $7.9 million to relocate residents, and a further $200 million on improving roads and tax exemptions to local governments offering job training, according to records uncovered by Wisconsin Public Radio. Current Wisconsin governor Tony Evers has been quick to point out that the revised deal will save taxpayers $2.77 billion. However, Foxconn could still receive $80 million in tax credits over the next six years if it hits certain milestones on employment and investment. This is down from the enormous $2.65 billion it could have previously received. "Conservatively, it was over $200,000 per job," Tim Bartik, senior economist at the WE Upjohn Institute for Employment Research think tank, told CNN after analyzing the original tax breaks . But money is not the only controversy surrounding this failing project... Click or scroll through to discover what else has changed.

The $10 billion Foxconn factory is dramatically downsized

The $10 billion factory that Taiwanese electronics company Foxconn was set to build in Wisconsin, and that former President Trump hailed as the new "eighth wonder of the world", has been drastically scaled back, it's been announced. Launching the project in 2017, Trump (pictured at the site's groundbreaking in 2018 with then-Wisconsin governor Scott Walker [left] and then-Foxconn CEO Terry Gou [right]) boasted that the 20 million-square-foot factory, building cutting-edge, flat-screen displays for TVs and other devices, would revitalize US manufacturing and create 13,000 jobs.

However, this week Foxconn has confirmed that its investment in the Wisconsin plant has been reduced to just $672 million, with only 1,454 jobs being created. The news comes after a considerable amount of US taxpayer money has already been spent on the site, with the village where the factory is located spending $152 million on buying up 132 properties to make space for the project, as well as $7.9 million to relocate residents, and a further $200 million on improving roads and tax exemptions to local governments offering job training, according to records uncovered by Wisconsin Public Radio.

Current Wisconsin governor Tony Evers has been quick to point out that the revised deal will save taxpayers $2.77 billion. However, Foxconn could still receive $80 million in tax credits over the next six years if it hits certain milestones on employment and investment. This is down from the enormous $2.65 billion it could have previously received. "Conservatively, it was over $200,000 per job," Tim Bartik, senior economist at the WE Upjohn Institute for Employment Research think tank, told CNN after analyzing the original tax breaks .

But money is not the only controversy surrounding this failing project... Click or scroll through to discover what else has changed.

© Andy Manis / Stringer / Getty Images

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