Yahoo Finance is tracking the auto sector as US President Donald Trump meets with CEOs of General Motors (GM), Ford (F) and Fiat Chrysler (FCAU). He tweeted, “Will be meeting at 9:00 with top automobile executives concerning jobs in America. I want new plants to be built here for cars sold here!”
During the meeting at the While House, Trump announced a “very big push” for companies to manufacture products in the US. He also laid out plans to cut taxes “very substantially” and limit “unnecessary” environmental regulations, saying they are “out of control.”
His comments come as automakers become more concerned about his recent threats to crack down on cross border trade, particularly with Mexico, and impose a 35% tariff. Automakers are making rapid decisions to counter Trump’s threats. Earlier this month, Ford announced it was scrapping plans to build a $1.6 billion plant in the country. General Motors announced an additional $1 billion investment in US factories in 2017, and Fiat Chrysler said it’s investing $1 billion in two existing US plants and creating 2,000 jobs.
The automakers’ stocks are on the move this morning. General Motors, Ford and Fiat Chrysler are all posting gains, with Fiat Chrysler leading the way.
Trump promised to revitalize the manufacturing sector in the US on the campaign trail. While jobs in the sector have been rising, they are still well below record highs. Last year, the number of manufacturing jobs totaled 12.3 million in the US, down nearly 7 million from 1980.
For more on Trump’s meeting with Ford, Chrysler and GM, check out the Final Round live today at 4 p.m. EST, right here on Yahoo Finance.
