Monday, President Donald Trump Vowed to Cut Regulations & Taxes
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Monday, US President Donald Trump met with a dozen American manufacturers at the White House, pledging to slash regulations and cut corporate taxes, but warning them he would impose taxes on imports if they move production outside the country.
President Trump, who took office Friday, promised to bring manufacturing plants back to the United States an issue he said helped him win the November 8 election, and called out by name companies that he thinks should bring outsourced production back to the USA.
He asked the group of CEO’s from companies including Ford (NYSE:F), Dell Technologies, Tesla (NASDAQ:TSLA) and others to make recommendations in 30 days to stimulate manufacturing, Dow Chemical (NYSE:DOW) CEO Andrew Liveris told reporters.
He told the CEOs that he would like to cut corporate taxes to the 15 to 20% range, down from current statutory levels of 35% a pledge that require cooperation from the Republican-led Congress.
He added that American business leaders told him that reducing regulations is even more important.
“We think we can cut regulations by 75%, maybe more,” President Trump told the business leaders.
“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,”President Trump said, referring to Mark Fields, CEO of Ford, who sat around the boardroom-style table in the Roosevelt Room.
Mr. Fields said he was encouraged by the tone.
“I know I come out with a lot of confidence that the president is very, very serious on making sure that the United States economy is going to be strong and have policies – tax, regulatory or trade – to drive that,” he said.
“We are going to be imposing a very major border tax on the product when it comes in,” President Trump said.
“A company that wants to fire all of its people in the United States, and build some factory someplace else, and then thinks that that product is going to just flow across the border into the United States – that’s not going to happen,” he said.
Take the President at his word here, as he is not going to do anything to harm competitiveness, he is going to actually make them all more competitive.
Monday, the US major stock market indexes finished at: DJIA -27.40 at 19799.98, NAS Comp -2.39 at 5552.94, S&P 500 -6.11at 2265.20
Volume: Trade on the NYSE came in at 904.6-M/shares exchanged
- Russell 2000 -0.7% YTD
- DJIA +0.2% YTD
- S&P 500 +1.2% YTD
- NAS Comp +3.2% YTD
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