Donald Trump, “Move manufacturing offshore, face heavy taxes.”
President Elect Donald Trump warned US companies that moving manufacturing to other countries would be a “very expensive mistake” as they will face heavy new taxes.
Early Sunday morning, Donald Trump summarized his the plan that was long part of his campaign position, shifting production from the US to Mexico, China or other lower-cost countries would be discouraged by tax policy.
“Any business that leaves our country for another country, fires its employees, builds a new factory or plant in the other country, and then thinks it will sell its product back into the US without retribution or consequence, is WRONG!” he said. “There will be a tax on our soon to be strong border of 35% for these companies wanting to sell their product, cars, AC units etc., back across the border.”
Donald Trump also said he plans to “substantially” reduce taxes and regulations on US business.
“Please be forewarned prior to making a very expensive mistake,” Donald Trump said. He said “the United States is open for business.”
Last week reached he a deal with United Technologies Corp. (NYSE:UTX) to keep 1,100+ jobs at a Carrier air-conditioning plant in Indianapolis rather than move them to Mexico. The US President Elect signaled he will frequently deal with corporate leaders to protect American workers.
“We are going to have a lot of phone calls to companies that say they’re thinking about leaving this country, because they’re not leaving this country,” Donald Trump said on 1 December at the Carrier plant in Indiana.
|NYSE:UTX||108.22||2 December 2016||0.74||108.04||108.57||107.48||3,124,400|
|HeffX-LTN Analysis for UTX:||Overall||Short||Intermediate||Long|
|Bullish (0.33)||Bullish (0.39)||Bullish (0.27)||Bullish (0.32)|
Have a terrific week.
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