The U.S. has become a major beneficiary of foreign investment in the last few years. It's a wave the Trump administration is looking to ride further — if some of the internal contradictions of its strategy don't trip things up.

The big picture: There's a simple mental model of what foreign direct investment (FDI) looks like: A big, multinational company in the U.S. or Europe builds a factory somewhere labor is cheaper. But that story is outdated, according to new research from McKinsey. • Rather, growth in FDI is coming from innovative industries in one advanced country building out capacity in another advanced country, most often the U.S. • Instead of modest factories churning out routine consumer goods, foreign investment activity is increasingly comprised of expansive facilities co

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