Trump was sworn in as the President of the United States on Friday. On Monday, he started his first formal day in the White House as the President. In the opening hours, Trump welcomed several leaders from large enterprises in the country for a meeting. He promised the company officials that he will wipe out about 75% of the government regulations, which will make it easier for the corporations to run their business. Those businesses looking to expand will enjoy expedited policies and massive tax cuts.
While talking about improving the operations in the United States, President Donald Trump told the leaders that all they have to do is stay. Trump encouraged the organizations to open new factories and expand their business in the United States. This will help to create new jobs and the companies will be rewarded with numerous benefits. Currently, many corporations spend more time on regulations than on developing the product. Trump has promised to remove most of the regulations, easing the path for company growth.
At the same time, Donald Trump also issued a warning that the companies moving their production out of the United States will have to deal with punishment in the form of a substantial border tax. Companies that have production facilities in Mexico and other countries should have to face a higher tariff, making the out-of-country production expensive. Trump promised that the new regulation policies will be better and less cumbersome. Many corporate leaders who were singled out in Trump’s speeches and tweets were present during the meeting. The press conference after the meet was short and Trump ensured that the topics don’t deviate to other matters.
Andrew Liveris of Dow Chemical told the reporters that the new president wants the companies to come up with various actions to boost economic growth. He also said that Trump revealed his plans of meeting with the business leaders four times a year to make all the industries competitive and profitable. Mark Fields of Ford Motor company said that the President is enthusiastic about economic growth which will be beneficial for all the industries.
Trump repeatedly warns the corporations about the major border tax. However, many Republicans are not happy with this policy because it could result in increased cost within the USA. The experts argue that Trump may not have the power to punish the companies and it would also result in the violation of treaties.
During his campaign, Trump has promised that he would pull the USA out of the Trans-Pacific Partnership and revisit North American Free Trade and Agreement to benefit the country. TPP is already dead even before Trump took his office. The President office has already contacted the Canadian Prime Minister and Mexican President to discuss NAFTA trade deal. Experts fear that the negotiations with respect to NAFTA could cause troubles with the USA economy. There will be serious repercussions for the Mexican economy, but the USA is not completely immune either.