In his first week on the job, businessman-turned U.S. President Donald Trump is focused on making it easier for U.S. companies to grow and create home-grown jobs.
CGTN’s Jessica Stone reports.
Trump approves 2 controversial oil pipelines by executive orderIn his first week on the job, businessman-turned U.S. President Donald Trump is focused on making it easier for U.S. companies to grow and create home-grown jobs. CGTN’s Jessica Stone reports.
The president met Tuesday with the leaders of America’s auto makers – Ford, GM, and Chrysler.
Trump said he will lower corporate taxes, reduce regulations and tax manufacturers who try to export jobs.
But automakers rely on a global supply chain. And manufacturing analysts tell CGTN that relocating auto supply lines within the U.S. border would take up to three years, in addition to bringing back some auto parts such as specialized electronics, which have never been made in the United States.
In the meantime, China, once called the “workshop of the world,” is forging ahead with its own regional trade agreement in Asia, now that President Trump has withdrawn from the Trans Pacific Partnership.
While renegotiating trade deals will be a prolonged process, the White House said Trump is using his executive powers to try to jump start two controversial oil pipelines from Canada to the U.S. Both bring the promise of jobs, but were held up by former President Barack Obama.
In his quest to reduce regulations, Trump could take inspiration from Indian Prime Minister Narendra Modi.
The two spoke on Tuesday. Modi also promised to cut red tape and the World Bank now said it’s easier to do business in India than it used to be. But rolling back regulations in the U.S. requires cooperation from Congress.