The company will invest $10 billion for the plant and will create at least 3,000 jobs "with the potential for up to 13,000 in very near future", Trump said.
"The construction of this facility represents the return of LCD electronics and electronics manufacturing to the United States, the country we love", Trump said.
As Republicans in Washington struggle to repeal Obamacare and advance bills on tax cuts and infrastructure, Trump seized on the announcement as a win in a key swing state, saying the deal wouldn't have been done "if I didn't get elected". But the planned facility that would manufacture LCD screens would be operational by 2020 and cover 20 million square feet, large enough to hold 11 football fields.
Before the signing, Walker said critics of the state's proposed $3 billion deal to land Foxconn should rest easy.
"Foxconn will invest in southeast Wisconsin while a larger facility is constructed over the coming years".
According to the Milwaukee Journal Sentinel, the package would include incentives on the local, state and federal levels and would be unlike anything Wisconsin has offered in the past.More news: McCain to return to US Senate as health vote teeters
More news: Netanyahu vows to return Israeli embassy official at center of Jordanian crisis
More news: Firefighters rescue dog from burning California home
Seven U.S. states have competed for new investments from Foxconn.
Foxconn now employs hundreds of thousands of employees in China, but it has been the goal of White House chief of staff Reince Priebus to bring Foxconn jobs to America by building a plant here, which aligns with the President's "Make America Great Again" and "Buy American, Hire American" agendas.
The company, which makes flat-screen displays for Apple and other tech companies, said the plant will create 3,000 jobs and could eventually employ up to 13,000 workers. New reports have now clarified that Cook's promise meant the latter, with Foxconn revealing its intention of opening its first major factory in the United States.
"He called me, and he said they are going forward", Trump added, which is curious because Apple outsources nearly all of its manufacturing and subsequently declined to comment on Trump's claim.
Foxconn has faced criticism in China for working conditions and in 2012, faced the threat of a mass suicide by workers at a factory in Wuhan.
Currently, Foxconn has plants in Asia, as well as India and Brazil.