Throughout the 2016 presidential election, then-candidate Donald J. Trump pledged to create a business climate that encouraged companies to invest in America. By lowering corporate taxes and reducing burdensome regulations, Trump believes America needs to become competitive on the global stage once again.
In recent months, multiple companies have taken President Trump’s optimistic, pro-American jobs message to heart, and have pledged to invest billions in new jobs. Amazon announced plans to add 100,000 new U.S. jobs in the coming years, Chrysler announced a new $1 billion U.S. investment, and Stanley Black & Decker will open a new $35 million manufacturing plant in the United States.
These three companies are among the dozens of firms that are committing themselves to America, all since President Trump took office.
And now, another major company just announced it will invest more than $1.3 billion into its largest worldwide facility in Georgetown, Kentucky.
Toyota to invest $1.3 billion in Kentucky Camry plant https://t.co/cIVDmX7fXI
— Wall Street Journal (@WSJ) April 10, 2017
From USA Today:
Toyota said Monday that it would invest more than $1.3 billion in its sprawling Georgetown, Ky., plant, its largest factory in the world, in a massive retooling project designed to expedite vehicle development.
Although the investment does not include new jobs, the move signals a deepening commitment to the U.S. market amid threats by President Trump of a border tax on automakers that bet on Mexico.
The president, who had previously targeted Toyota in his criticism of companies that make vehicles in foreign markets and sell them to Americans, hailed the Japanese automaker’s investment as reflective of an “economic climate that has greatly improved under my administration,” according to a statement issued by Toyota.
To be sure, the Toyota investment is part of a plan announced days before Trump took office to invest $10 billion in U.S. operations over the next five years. In that respect, the investment is no surprise.
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Still, the investment marks a significant bet on the future of American manufacturing. Toyota said the retooling investment would pave the way for a new system of vehicle assembly that it’s calling Toyota New Global Architecture.
The multiple companies that have announced plans to further invest in the United States comes even before tax and regulatory reform has been implemented. Companies, like Toyota, are confident that President Trump will deliver on his campaign promise to make America competitive again.
If so many companies are eagerly investing in this country even before tax and regulatory reform has taken shape, one can only imagine the massive expansion that will occur in the months to come!
Do you think that President Trump will deliver on his campaign promise and implement tax and regulatory reform? Share your thoughts below!