At the start of the second real workday of the Trump administration, the leaders of the Detroit Three automakers marched into the White House for a breakfast meeting with their newly minted president.
We don’t know for sure what they ate, but we can relate what they talked about. This won’t come as a shock: investment. Specifically, assembly plant investment in the U.S., rather than Mexico.
Ford CEO Mark Fields, General Motors CEO Mary Barra and Fiat Chrysler Automobiles CEO Sergio Marchionne knew the landscape they were entering. Yesterday, Trump signed an executive order that pulled the U.S. out of the Trans-Pacific Partnership and moved to renegotiate the North American Free Trade Agreement. Today, he signed an executive action to advance approval of the Keystone XL and Dakota Access pipelines.
Deals. Besides perhaps eggs and toast, Trump wanted deals. Or, at this early point, promises and assurances at the very least. (Read More…)