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00:00:01
>> President Trump offering a carrot and a stick to manufacturing companies in his first official White House meeting on Monday. Saying he'll make it easier to build factories in the United States. But warning they'll pay a steep price if they send work overseas. I'm Andy Sullivan in Washington, where after a rocky first weekend spent clashing with the media.
00:00:19
Trump is moving quickly on one of his signature issues, job creation. Meeting with the CEOs of companies like Tesla and Dell. Promising to slash taxes and regulations by an eyebrow-raising 75%. And a bid to get them to build factories here in the United States rather than abroad. That's surely music to the ears of business executives.
00:00:39
Who are scrambling to adjust to a new President who isn't afraid to call them out on Twitter when they make a move that he doesn't like.>> The regulations are going to be cut, massively.>> Trump telling CEOs from Ford, Dow Chemical, Under Armour, and nine other companies, that they will face quick approval when they want to build factories here.
00:00:57
But here's the stick. He's saying that they will face a big border tax if they try to import goods from abroad that they could be building here in America.>> A company that wants to fire all of its people in the United States and build some factories someplace else.
00:01:14
And then thinks that that product is just gonna flow across the border into the United States. That's not gonna happen.>> Trump also acting on another campaign promise. Formally pulling out of the 12 nation Pacific free trade deal.>> What we want is fair trade.>> This inline with Trump's campaign pledge echoed in his Inaugural to put America first.
00:01:33
Also taking aim at the trade practices of China and Mexico. But economists worrying his protection is pushed, will start retaliation that could hurt the U.S. economy. Trump also ordering a hiring freeze for the federal government and banning aid to US non-profits that provide abortions overseas