AT&T's potential $22 billion investment in the United States hinges on President Donald Trump's previous tax-related promises, according to Randall Stephenson, the company's Chairman, President, and Chief Executive Officer. In a Thursday interview with CNBC, Stephenson said that the resources AT&T is planning to invest into the American economy will be the largest such commitment any U.S. company makes over the course of this year, but still isn't guaranteed to happen. The top executive of the Dallas, Texas-based mobile service provider explicitly said that the second largest wireless carrier in the country is still waiting to see whether the current U.S. president will deliver on his promises of major tax cuts for large businesses, adding that the company is willing to give him until the end of the year to do so.
Stephenson was quick to point out that what AT&T is doing isn't "unique" to the firm, predicting that many corporations and other businesses throughout the country are likely to increase domestic capital investments if the U.S. administration allows more tax breaks. Where the mobile provider seemingly differs from many others is in its willingness to wait, with its CEO clearly indicating that Trump ought to deliver on his promises to the industry in the first year of his presidency. It's currently unclear to what extent will AT&T cut its planned investments in the U.S. economy if no tax cuts are enacted by the end of the year, with Stephenson providing no concrete details on the matter. Likewise, the company's chief executive didn't comment on the "one-time tax" on overseas assets held by U.S. corporations that President Trump and his administration outlined earlier this year.
Stephenson will be meeting with Trump and representatives of the Federal Communications Commission (FCC) later today, alongside representatives from all other major wireless carriers in the country, with recent reports indicating that the administration is looking to discuss 5G technologies and their upcoming implementations. While the gathering itself won't be directly related to Trump's tax policies, that doesn't exclude the possibility of them being discussed, so an update on the situation and AT&T's domestic investment plans may follow soon.