Trump praises Toyota, Mazda for setting $1.6 bn unit to create 4,000 jobs

US President Donald Trump took to Twitter to praise Toyota and Mazda for announcing a huge investment for setting up a manufacturing plant in the US which will create 4,000 jobs in America.

"Toyota & Mazda to build a new $1.6B plant here in the USA and create 4K new American jobs. A great investment in American manufacturing!," Trump tweeted.

Japanese automakers Toyota Motor Corp and Mazda Motor Corp said that they plan to spend $1.6 billion to set up a joint-venture auto manufacturing plant in the US — a move that will create up to 4,000 jobs.

Trump tweeted "....and don't forget that Foxconn will be spending up to 10 billion dollars on a top of the line plant/plants in Wisconsin."

Trump announced that his administration is working hard on tax reductions and economic reforms, also underlining that consumer confidence is at a 16 year high for a good reason.

In a tweet, Trump said, "Consumer confidence is at a 16 year high....and for good reason. Much more regulation "busting" to come. Working hard on tax cuts & reform!"

Earlier this week, he said the Taiwanese company registered as Hon Hai Precision Industry Ltd. has also informed him "off the record" that the value its project may grow to $30 billion.

"West Virginia was incredible last night. Crowds and enthusiasm were beyond, GDP at 3%, wow!Dem Governor became a Republican last night," Trump said on Twitter.

Japanese automakers Toyota Motor Corp and Mazda Motor Corp joint-venture auto manufacturing plant will have an annual production capacity of about 300,000 vehicles, and will produce Toyota Corollas for the North American market.