Anthony Pratt, the richest person in Australia, will be investing nearly $2 billion in the U.S. in hopes of creating new jobs and doubling American food production – and he credits it all to President Trump’s business-friendly Tax Cuts and Jobs Act of 2017.
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The tax overhaul slashed the corporate tax rate to 21% from 35% in hopes of making the U.S. more competitive with foreign countries.
“It’s going to lead to a tsunami of investment in the United States,” he said during an interview with FOX Business’ Stuart Varney on Tuesday. “We make corrugated boxes, everything that's manufactured goes in a box. So we think we’re a barometer of the economy.”
Pratt, the executive chairman of Visy Industries and Pratt Industries in America, has already built 70 U.S. factories, most located in the Midwest, and created more than 8,000 high-paying manufacturing jobs since venturing into the American market 25 years ago.
The billionaire cardboard king hopes to add 5,000 jobs more to the economy with his latest investment.
The majority of Pratt’s customers -- his company sells corrugated, cardboard boxes -- are in the food industry, so a few years ago he said they started a conversation about doubling the food production industry and American exports.
“I’m here in the Midwest today celebrating the fact that beef and dairy exports are up 16%,” he said.