President-elect Donald Trump announced a $20 billion foreign investment in new data centers Tuesday.
The pronouncement came during Trumpās pre-inauguration press conference at Mar-A-Lago, his second since his November victory. The $20 billion investment will come from Billionaire Hussain Sajwani, a Trump associate and founder of the property development company DAMAC Properties.
āThe Trump Data Center announcement today is his agenda coming to life before he even takes office,ā former Republican Florida Rep. Matt Gaetz wrote on X Tuesday. āData centers use lots of energy. They go where energy is most efficient, obviously. There is an expectation that American energy costs will come down. Thus, the billions are being invested here, not elsewhere.ā
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Power-hungryĀ data centers have sprung up across the U.S. in recent years, with an August 2024Ā reportĀ from global real estate services company JLL finding data center occupancy has grown at a 30% compound annual growth rate since 2020. The centers have jacked up electricity demand on a grid that is alreadyĀ at risk, with Trump supporting theĀ de-regulationĀ of the U.S. energy industry in part to handle the rising demand.
In addition to the data center investment announcement, Trump vowed to āexpediteāĀ environmental approvalsĀ for foreign entities who invest more than $1 billion in the U.S. economy, and threatened to place āvery seriousā tariffs on Mexico and Canada.
āWe want to get along with everybody,ā Trump said regarding theĀ tariffs. āBut it takes two to tango.ā
He later took aim atĀ wind turbines, declaring that āwindmills are littered all over our country,ā and that his administration would āhave a policy that no windmills will be built.ā
āWe are the beginning of a great, golden age of business,ā Trump remarked. āAnd I think weāre also in a golden age of common sense.ā
This is a breaking news story that will be updated.
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