Trump announces Broadcom will move back to U.S.

Last Updated Nov 2, 2017 1:37 PM EDT

President Trump on Thursday announced that semiconductor company Broadcom Limited is moving from Singapore back to the United States.

That means billions more dollars in annual revenue for Americans, Mr. Trump said. The company employs roughly 7,500 American workers. The announcement comes on the heels of the announcement of the GOP tax plan.

"It's a great day for the America worker," Mr. Trump said. "The stock market is at an all-time high. Unemployment is at it lowest level in almost 17 years. We know have had two straight quarters of three percent or more economic growth. For those of you who don't understand that, this is a tremendous increase over where it was and we're going higher. Jobs have been off-shored to so many countries that we're now coming back and now that jobs and those companies are coming back to our great American home."

CBS News' Jacqueline Alemany and Kathryn Watson contributed to this report.