President Donald Trump on Wednesday announced that he had reached an agreement with GlobalFoundries to invest $21 billion in the construction of two semiconductor facilities in Malta, N.Y.

Semiconductors are critical components for a wide variety of electronic goods, as well as key security items. Currently, production remains heavily concentrated in Taiwan, though both the Biden and Trump administrations have worked to develop domestic production.

"Today, under my leadership, GlobalFoundries and my Department of Commerce led by Secretary Howard Lutnick announced a MASSIVE 21 BILLION INVESTMENT to build 2 giant new Semiconductor Manufacturing Facilities in Malta, New York," he posted on Truth Social. "This DEAL will create 27,000 high paying Construction and Supply Chain Jobs and over 1,000 additional highly skilled Manufacturing Jobs in New York."

"Under my direction, JAPAN WILL PROVIDE THE CAPITAL for the 21 Billion Dollar Investment," he added. "This DEAL is a result of my HISTORIC TRADE DEALS to REVITALIZE the American Industrial Base, create HUNDREDS OF THOUSANDS OF GREAT AMERICAN JOBS, and strengthen our National and Economic Security."

The news comes as a boon to Trump in the wake of a poor inflation report ahead of the midterm elections.

Ben Whedon is the Chief Political Correspondent at Just the News. Follow him on X.