The exuberant, America-First patriotism of President-elect Donald Trump is likely causing a chain reaction of sorts. Despite the gush and tosh from the deranged media, Trump has done nothing to pressure corporations to remain in the US—nothing but reiterate his campaign promises. But a powerful persona’s mindset is infectious, especially when coupled with the promise of a better economic climate. Trump is changing corporate hearts and minds about investing in America and its people. In order to frame this good thing as bad, the media have suddenly discovered a love of free-market capitalism. By triggering a change in corporate culture; Trump has the media louts decrying his assault on capitalism and his fostering of crony capitalism.
LOL: Free-market capitalism has been an “unknown ideal” in the US for a long time.
Ford is canceling plans to build a new plant in Mexico. It will invest $700 million in Michigan instead, creating 700 new U.S. jobs.
Ford (F) CEO Mark Fields said the investment is a “vote of confidence” in the pro-business environment being created by Donald Trump. However, he stressed Ford did not do any sort of special deal with the president-elect.
“We didn’t cut a deal with Trump. We did it for our business,” Fields told CNN’s Poppy Harlow in an exclusive interview Tuesday.
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The $700 million investment will go to the Flat Rock, Michigan plant to produce more electric and self-driving cars. Ford believes electrified vehicles will outsell gas-powered vehicles within the next 15 years.
Ford is planning to roll out seven new electric vehicles in the next five years, including a Mustang Hybrid.
This is a major U-turn for Ford. Trump repeatedly slammed Ford on the campaign trail for shipping U.S. jobs to Mexico (a claim the company said was wrong). The president-elect has kept up the pressure. Just hours before the Ford announcement, Trump criticized GM (GM) for producing cars in Mexico. All of the big car manufacturers currently have some production in Mexico. …