Trump to Meet Detroit CEOs Today

Moving quickly on a promise to spark job creation in the manufacturing sector, President Donald Trump will meet with the CEOs of the Detroit’s Big 3 automakers on Tuesday morning at the White House.

At his first full press briefing today, new White House Press Secretary Sean Spicer made note of Trump’s plans to hold a breakfast meeting with GM CEO Mary Barra, Ford CEO Mark Fields and Fiat Chrysler CEO Sergio Marchionne. Representatives of each of the three confirmed they will attend.

Spicer said the general theme is a discussion of how “to bring more jobs back to the industry.” In recent days, Trump has repeated a campaign pledge to renegotiate or withdraw from the North American Free Trade Agreement (NAFTA) which critics in Michigan and elsewhere argue has cost the auto industry thousands of jobs since its enactment in the 1990s, even though the evidence is mixed.

Trump became the first Republican presidential nominee to win Michigan since 1988 after running a campaign in which he promised to revitalize manufacturing in the U.S. and penalize American companies — including automakers — who use operations in Mexico or other countries to hold costs down on products imported back into the U.S.

American automakers have been notching strong profits in recent years but throughout the campaign, Trump complained about manufacturers creating jobs in Mexico and other countries rather than the U.S.

via USAToday

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Alfonso Esparza

Alfonso Esparza

Senior Currency Analyst at Market Pulse
Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
Alfonso Esparza