The US and Saudi Arabia have finalized a $142 billion arms deal, President Trump announced on Tuesday.
This announcement came during his speech at the Saudi Arabian Investment Forum in Riyadh, part of his visit to the Middle East.
“In addition to securing $142 billion in American-made military equipment with our great Saudi partners, this week we have billions in commercial transactions with companies like Amazon, Oracle, AMD, Uber, Qualcomm, and Johnson & Johnson,” Trump stated.
The president has often touted the superiority of US military products.
“No one produces military equipment like we do. We have the best military gear, the most effective missiles, rockets, everything. Our submarines? They’re among the deadliest in the world,” he added.
He noted that his trip to the Middle East, which includes visits to the UAE and Qatar before returning on Friday, is expected to help the administration attract an additional $1 trillion in investments for US businesses.
Since taking office, Trump has reported a significant surge in investments in the US, estimating last month that private sector investments and other commitments since January 20 would surpass $8 trillion.
“We’re looking at nearly $8 trillion in total,” he remarked. “There’s been nothing like this in our country’s history. It’s unprecedented. The previous administration didn’t even reach a trillion over four years, and here we are nearing $8 trillion.”
On the first day of Trump’s second term, Stargate, a joint venture involving Oracle, Open, and SoftBank, announced a $500 billion investment in the US. This was followed by $5 billion commitments from both Apple and Nvidia. Additionally, Taiwanese semiconductor manufacturer TSMC has pledged $100 billion, alongside numerous other companies announcing substantial investments.
