President Donald Trump wasted no time at enacting his campaign promise of bringing jobs back to the United States. Trump threatened business leaders about the consequence of expansion plans that do not include the United States.
Trump told business leaders that he plans to impose a "very major" border tax on products made outside of the United States, Bloomberg News reported. The announcement supports his protectionist agenda for the United States. However, some fear that it could actually lead to bad relationships with other countries that will be affected. Jobs & Hire previously reported about the countries that could be negatively affected by Trump's presidency.
The border tax could discourage companies from pushing through with their expansion plans in other countries such as China and Mexico. The president of the United States has been very vocal about his negative views on China and Mexico. It is still not clear whether it will affect the United States' relationship with these two countries.
Business Insider reported that Trump promised business leaders that he will push for tax cuts if they help with his plan to increase the number of jobs in the United States. If it comes to fruition, it would be a welcome news for companies that were already looking to move their operations in countries that offer lower corporate taxes.
In addition to the tax cuts, Trump vowed that he will reduce regulations by 75% or more. The warning could mean that he would have to work on dismantling regulations put up by former President Barack Obama's administration.
The promised tax cuts and more relax regulations are expected to entice businesses to expand their operations in the United States. Trump's announcements come just as he signed an order that makes the U.S. exit the Trans-Pacific Partnership.