Friday, 22 September 2017
Latest news
Main » Trump To Automakers: "Welcome" To The Dictatorship

Trump To Automakers: "Welcome" To The Dictatorship

25 January 2017

The BMW Spartanburg plant is the company's largest in the world, and also the largest exporter of cars in the U.S. It sends about 70% of the 400,000 cars it builds annually to other countries.

Trump did not meet with executives from foreign brand automakers that also build cars in the US, although several have announced recent plant expansions.

Ahead of the Tuesday meeting, automakers have highlighted recent and planned investment in the U.S. Ford canceled plans for a $1.6 billion assembly plant in Mexico and revealed intentions to invest $700 million in a MI facility.

Trump also has mentioned corporate tax codes as an area where the government could become more business-friendly.

USA automakers have been reluctant to open new US auto plants in recent years, but they have expanded some operations at existing plants. "It's a new way of communication, and we're going to have to learn how to respond". He said "we look forward to working with Trump and members of Congress to strengthen the American manufacturing industry".

"The mother of all trade barriers is currency manipulation".

Fields called the meeting a productive one, saying Trump "is very focused on policies that will grow investment and jobs here in America, which is what we talked about". Fiat Chrysler is the Italian-American parent of the former Michigan-based Chrysler.

US President Donald Trump greets Ford President and CEO Mark Fields prior to a meeting with automobile industry leaders in the Roosevelt Room of the White House in Washington DC
Trump To Automakers: "Welcome" To The Dictatorship

General Motors too followed suit, announcing a $1 billion investment into its existing factories, on top of a $2.9 billion investment announcement a year ago, accounting for the retainment of 1500 jobs, according to GM.

All three of the top USA automakers have given Trump fodder for promoting his efforts to boost US hiring.

'NO WAY! Build plant in US or pay big border tax, ' Trump told the auto company.

GM said in 2014 it would invest $5 billion in Mexico through 2018, a move that would allow it to double its production capacity, and Barra has said the automaker is not reconsidering the plan.

"I want new plants to be built here for cars sold here!" On Monday, GM ended two shifts of production of small cars in OH and MI, cutting about 2,000 jobs.

He also repeated a pledge that he intends to enact "a very major border tax" on USA companies that move operations outside of the country and then try to import goods back - a threat that he used throughout the campaign aimed specifically at Ford Motor Co. among others.

Auto stocks rose on Tuesday.

2016 declared hottest year on record
Most of this warming trend throughout the world has taken place in the last 35 years, the United States space agency said. A year ago was the end of an El Nino weather pattern, so 2017 is expected to be cooler rather than warmer.

Trump To Automakers: