Trump seeks to bring supply chains back to US with 'major' border tax: 5 things to know

President Donald Trump met with a group of Fortune 500 CEOs at the White House Monday and warned them that any move to shift manufacturing processes overseas will be met with a "substantial border tax," reports CNN.

Here are five things to know about the meeting.

1. President Trump told the CEOs, representing large companies like Ford, Dell and US Steel, he planned to cut corporate taxes "massively" and reduce regulations to provide incentives for companies to keep their supply chains in the U.S., according to the report.

"A company that wants to fire all of its people in the United States and build some factory someplace else and then thinks that that product is going to just flow across the border, that's not going to happen," President Trump said.

2. Last month, sources told CNN President Trump was considering a widespread tax on imports as high as 10 percent, which many business leaders have opposed.

3. President Trump told the CEOs he will cut regulations by as much as 75 percent and slash environmental protections to make it easier for companies to build factories in the U.S.

4. Business leaders have previously expressed concerns that these new trade policies would lead to a rise in the cost of consumer goods since manufacturing costs in the U.S. are higher than many other developing countries U.S. companies outsource manufacturing to, reports CNN.

5. Other companies represented at the meeting were Lockheed Martin, DOW Chemical, Under Armour and Tesla.

More articles on supply chain:

Amid heavy criticism of drug prices, pharma group launches ad campaign to improve image
What would happen if we ditched annual price hikes? 4 responses from pharma execs
ACA repeal and replace will include action on drug prices, Spicer says

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