Latest Global Business News

Jack Ma meets Trump; Toyota plans to invest $10bil in USA after border tax threats

 
Global carmakers, such as Toyota, Ford and Fiat Chrysler, have announced in recent days new plans to move production to the United States or to improve existing factories there.
 
And their decisions follow harsh criticism -- or praise in some cases -- from U.S. President-elect Donald Trump.
 
With just ten days left until Trump takes the Oval Office... our Park Ji-won takes a look at the famously outspoken businessman's efforts to steer industry back to American soil. Japanese automobile giant Toyota has announced it'll invest ten billion dollars in the U.S. over the next five years.
 
The firm's CEO for North America, Jim Lentz, revealed the plans on Monday... in a media interview at the Detroit Motor Show.
 
Although he claimed the investment plan was not affected by the incoming Trump administration's policies and was part of an already-existing strategy,... the U.S. president-elect has harshly criticized Toyota for setting up a new factory in Mexico.
 
Trump tweeted that if the company builds the plant there, it will face a big tariff.
 
He went on to compliment carmakers Fiat Chrysler and Ford... for deciding to invest more in America.
On Sunday, Fiat Chrysler announced it would invest around one billion dollars to produce three Jeep models in the U.S. , which it said would create around two thousand jobs,... though the exact size of the investment could change.
 
toyota plans to invest 10bil in usa trump meets jackma
 
Last week, Ford canceled a plan to build a one-point-six-billion-dollar plant in Mexico,... and said it will instead invest seven-hundred million in a Michigan factory,... after harsh criticism from Trump.
 
Meanwhile,... on Monday, Donald Trump met in Trump Tower with the founder and CEO of Chinese e-commerce giant Alibaba, Jack Ma, to discuss bilateral business relations.
 
There, Ma vowed to create one million jobs in the U.S. "We had a great meeting. Great, great entrepreneur, one of the best in the world. He loves this country and he loves China." "We mainly talked about a small business and young people and American agriculture products to China. And we also think that China-U.S. relationship should be strengthened, should be more friendly and do better."
 
Trump's tweeting seems to have companies falling in line with the new administration's policies,... but it remains to be seen whether they will keep their promises or if the pursuit of profit will lead them elsewhere.
 

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