President Trump Has Illuminating Breakfast with American Automakers
Earlier this week, newly-inaugurated President Trump hosted breakfasts and morning meetings with leaders of industry. Monday’s meeting was aimed generally at manufacturers, while Tuesday’s was a fairly exclusive meeting with executives from the American automakers. At both meetings, the President stressed the need to return manufacturing jobs to the United States, promising big tax cuts to those that do and tariffs to those who do not.
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One statement that stood out to President’s Trump with leaders from the car world was that environmental regulations are “out of control.” He seems to have a rollback of regulations planned to make it easier to open assembly plants here, but he has not announced any concrete plans for manufacturing environmental regulations or regulations for the individual vehicles. While we could see the auto industry using a lack of manufacturing environmental controls to their advantages, we hope that the fuel efficiency in consumer cars would stick around because increased fuel economy also saves consumers money at the pump. Also, many cars made in America are sent all over the world, where environmental regulations would still be in effect.
Talks like these are helping spur investment in American plants by companies far and wide. For example, Nissan is considering increasing American production, and could possibly be looking to relocate some of its production if Brexit does not go well.
The meeting with the Big Three was also seen as the Trump Administration trying to offer the automotive industry an olive branch after the president has repeatedly raked companies in the industry over the coals for manufacturing cars and parts outside of the US, mostly in Mexico. We’ll see how successful this plan really is, considering that later in this same week the president committed himself once again to a 20% tax on imports from Mexico to pay for the border wall.
News Source: Chicago Tribune
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