General Motors has announced plans to invest $1 billion in the US and has also committed to adding more than 7000 jobs there as well. The big announcement was made in a Press Release on Tuesday and it further added that it plans to relocate 450 jobs from Mexico to the US in a bid to bolster its presence and economic standing in the United States.
The finance and technology division of the company will also see an increase in hiring with 5000 more jobs. Although there was no mention of US President Elect Donald Trump in the press release but the timing of this statement coincides with the upcoming Presidential inauguration ceremony on Jan 20th.
Donald Trump has stated it again and again during his campaign and especially after his victory that He will not be favorable to companies that plan to invest in Mexico and ignore the US economy. The threats included a huge 35% tax rate to be imposed on imports from Mexico. Companies have felt the heat during Trump’s onslaught and have announced diverse plans which include investing and creating jobs in the US economy.
Ford, a competitor of GM, has stepped back on its plans to build a new factory in Mexico with an investment of $1.6 billion and has instead announced that it would invest in making its Michigan plant bigger and better. Walmart, Amazon and Lockheed Martin are among some of the other big corporate powerhouses that have also announced their plans of adding more jobs in the US market.
Trump’s campaign up till now has been increasingly nationalistic and he has not feared from expressing his views, no matter how harsh they may seem, but everything is now on hold as the world waits for Jan 20th with baited breath. The world will certainly undergo a political, economic and social upheaval once Mr. Trump takes his oath as President of the United States of America.