Trump tells auto execs he'll clear the way for US investment

Trump tells auto execs he'll clear the way for US investment

President Donald Trump has met the bosses of the three biggest U.S. auto manufacturers pushing them to make more vehicles in the United States and create more American jobs.

President Trump met with General Motors CEO and Chairperson Mary Barra, Ford CEO Mark Fields and Fiat Chrysler CEO Sergio Marchionne and emphasized the importance of USA manufacturing.

Flanked on camera by GM Chairman and CEO Mary Barra and FCA CEO Sergio Marchionne, Trump said smarter regulation of industries will help make new investments in the us more attractive.

"Whether we'll see companies actually changing their behavior, you know, actually doing different things or moving jobs in one way or another because of him, that's a little bit more costly, and I think we will see some of that, but not as much as firms taking advantage of old news and recycling it", Berger says.

"But to have a lot of plants from a lot of different items built in the United States", Trump added before going into more detail. Ford in particular has been a frequent target for Trump, who has criticized the Dearborn company on multiple occasions for its decision to shift small-car production to Mexico.

At Detroit's North American International Auto Show, automakers were anxious about how how Trump's trade plans would affect operations on both sides of the border.

Building a new plant would take three or more years and cost at least $1 billion, industry experts said.

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On Monday, Mr Trump met prominent United States manufacturers, including Tesla Motors head Elon Musk, and said he would dramatically cut regulations and corporate taxes. We want regulations, but we want regulations that mean something. Last year, the number of manufacturing jobs totaled 12.3 million in the U.S., down almost 7 million from 1980.

"We just had a great conversation with the president, and he is very focused on policies that will grow investment and jobs here in America and American industry and, of course, the automotive industry", Fields said as he left the White House.

If one was to go back a few months and listen to the campaign rhetoric, one would think USA automakers were the mortal enemy of the new President Donald Trump.

The threats, on the surface at least, seem to have worked, with Ford announcing last month it was abandoning its plans for a $1.6 billion plant in Mexico, opting to instead invest in a $700 million factory in MI.

US -listed shares of Fiat Chrysler gained 5.84% to $10.88, while Ford was up 2.44% to $12.61 and GM rose 0.96% to $37. Ford canceled a $1.6 billion vehicle assembly plant in Mexico and has said it will spend $700 million to expand a MI factory instead.

The president called out General Motors on Twitter earlier this year for making its Chevrolet Cruze in Mexico and shipping it tax-free to the USA for sale, though the company pushed back.

Safe Climate Campaign Director Daniel Becker said job creation doesn't need to come at the expense of regulations that have a positive impact on the environment.

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