Those ‘bad’ foreign firms that POTUS Donnie wants to have a trade war with are the ones that have ponied up the money over the last 10 years to help drive US manufacturing revivals – PB/TK
‘Bad’ foreign firms drive U.S. manufacturing jobs revival –
By Lesley Wroughton and Howard Schneider / June 30 2017
Years before Donald Trump began promising to bring back good manufacturing jobs by getting tough with U.S. trade partners, such jobs have already been on the rise, largely thanks to foreign companies now cast as villains in Trump’s narrative.
Reuters analysis of federal jobs data shows that out of 656,000 new manufacturing jobs created between 2010 and 2014, two thirds can be attributed to foreign direct investment.
More recent jobs numbers are not yet available, but over $700 billion in foreign capital has poured in over the last two years bringing total foreign investment to $3.7 trillion at the end of 2016, a world record.
Now foreign companies that have spent billions of dollars on U.S. factories and local leaders who host them worry that global supply networks that back those investments will fray if Trump makes good on his pledge to roll back trade liberalization.
The U.S. president has threatened to tear up North American Free Trade Agreement with Canada and Mexico and slap higher tariffs on nations that run trade surpluses with the United States, such as Germany or China. The administration is also discussing tighter immigration rules and more security screening of investment.
The tough message helped sway swing northeastern and Midwestern Rust Belt states Trump’s way in the 2016 election, but puts him at odds with companies and local leaders in the south, which has driven the recent growth in manufacturing jobs.
The southern states have voted for Trump, but have also spent decades wooing foreign companies with flexible labor laws, financial incentives and investment in ports, roads and other infrastructure.
Continue to reuters.com article: http://www.reuters.com/article/us-usa-trade-investment-idUSKBN19L0F3
