To boost manufacturing in the United States, the president wants to give corporations fewer hurdles to getting things done.
Update: Following the discussion with the president, Mark Fields, Mary Barra, and Sergio Marchionne gave a brief press conference. The video is now embedded below.
President Donald Trump has had a rather contentious relationship with the auto industry, but he showed a friendlier side during a recent meeting with the CEOs of Ford, General Motors, and Fiat Chrysler Automobiles. The commander-in-chief promised the companies significant regulatory cuts that would make doing business less expensive. The President’s hope is that a more corporate-friendly environment would mean new factories and additional manufacturing jobs.
“We think we can cut regulations by 75 percent. Maybe more,” President Trump said, according to Automotive News. “When you want to expand your plant, or when Mark wants to come in and build a big massive plant, or when Dell wants to come in and do something monstrous and special -- you’re going to have your approvals really fast.”
Much of the meeting happened behind closed doors. According to Automotive News, Ford CEO Mark Fields wanted to talk about tax reform, regulation, and trade.
“We had a very constructive and wide-ranging discussion about how we can work together on policies that support a strong and competitive economy and auto industry, one that supports the environment and safety,” GM CEO Mary Barra said after the conference. "The U.S. is our home market and we are eager to come together to reinvigorate U.S. manufacturing. We all want a vibrant U.S. manufacturing base that is competitive globally and that grows jobs. It's good for our employees, our dealers, our suppliers and our customers.
"I appreciate the President's focus on making the U.S. a great place to do business. We look forward to working with President Trump and members of Congress to strengthen American manufacturing,” FCA CEO Sergio Marchionne said.
President Trump has openly threatened high tariffs against automakers like BMW, Toyota, and the Big Three for importing Mexican-made vehicles into the U.S. Since those bellicose statements, Ford, GM, and FCA have made major public announcements about investing in American manufacturing.
Source: Automotive News