Ferguson, Mo.: In 2009, the chief executive of Emerson Electric Co. bluntly told investors at a Chicago conference what many of his counterparts at other manufacturing firms would only say privately.
Those investments have added 2,500 employees, Farr said. Emerson declined to say how many jobs the new factories would create. The renewed domestic focus by Emerson, a major employer of high-skilled workers, nonetheless stands out as a victory for Trump’s protectionism. Emerson has been a poster child for globalization, and its CEO is among the nation’s most influential manufacturing executives. Farr just completed a two-year term as chairman of the National Association of Manufacturers, the sector's main lobbying organization.
Trump withdrew the United States from the sweeping Pacific accord immediately after his election, and many Republican free-traders have since gone silent on the issue or adopted variations of the president’s rhetoric. Some decisions remain in flux as trade disputes simmer. Emerson had long planned a new factory in Mexico to serve North America, but broke construction into two phases pending the outcome of a revised U.S. trade agreement with Canada and Mexico that awaits congressional approval. The first phase is underway, but the second will only be built if the trade deal goes forward.
Foreign companies are also recalibrating, including Dutch multinational Koninklijke Philips NV, one of the world’s largest electronics companies, which last year relied on the United States for 35 percent of its sales. CEO Frans van Houten told investors on a call in January that he is stepping up efforts — like Emerson — to produce more goods where they sell them, moving away from a model of factories specializing in products that are then shipped globally.
Source: Energy Industry News (energyindustrynews.net)
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:
Singapore Latest News, Singapore Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
US, China 'on the cusp' of possible end to trade war: Pompeo[WASHINGTON] US Secretary of State Mike Pompeo said on Monday he thought the United States and China were 'on the cusp' of a deal to end their trade war, adding to positive signs about negotiations from both sides of the Pacific. Read more at The Business Times.
Source: BusinessTimes - 🏆 15. / 51 Read more »
Disney bets on new planet to wow Star Wars fans at US parksLOS ANGELES: When the Star Wars galaxy is brought to life at Walt Disney Co's US theme parks later this year, fans will not step onto the iconic landscapes of Hoth or Tatooine. The 6ha Star Wars: Galaxy's Edge sections of the two theme parks are set on Batuu, a remote...
Source: thenewpaper - 🏆 7. / 63 Read more »
Electric scooter sharing firm VOI raises US$30 million for European expansionSTOCKHOLM: Electric scooter sharing firm VOI Technology has raised US$30 million in another fundraising round since being set up seven months ago ...
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »
US trade chief courts auto union to back North American trade pactU.S. Trade Representative Robert Lighthizer and his staff will head to Michigan next week to meet with United Auto Workers union leaders in an ...
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »
US: Wall St opens higher on US-China trade deal hopes[NEW YORK] US stocks rose at the open on Monday on rising hopes that the United States and China would end their trade dispute as early as this month. Read more at The Business Times.
Source: BusinessTimes - 🏆 15. / 51 Read more »
Long before Trump's trade war with China, Huawei's activities were secretly trackedWASHINGTON (REUTERS) - The surprise arrest of Huawei's chief financial officer in December quickly turned the executive, Meng Wanzhou, into a central figure in a trade war between two economic superpowers.. Read more at straitstimes.com.
Source: The Straits Times - 🏆 8. / 63 Read more »
Long before Trump’s trade war with China, Huawei’s activities were secretly trackedU.S. President Donald Trump told Reuters he would consider intervening in her case - a potential action he alluded to again two weeks ago - if it would help close a trade deal with China. Meng's lawyer on Wednesday told a Canadian court that he has concerns the allegations against her have a political
Source: YahooSG - 🏆 3. / 71 Read more »
Japan sees global growth risks persisting on trade war, China slowdownDownside risks in the global economy are likely to persist over the medium to long term, pressured by the Sino-U.S. trade war and a slowdown in ...
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »
Europe: Shares hit 5-month high on trade war resolution hopes[LONDON] European shares hit five-month highs on Monday with cyclical stocks outperforming defensives, helped by hopes over a deal to end the US-Sino trade war. Read more at The Business Times.
Source: BusinessTimes - 🏆 15. / 51 Read more »
Trump and Xi close to a deal, but the trade war isn't overWASHINGTON (BLOOMBERG) - The world's two largest economies are nearing the finish line on a trade deal that could be signed by President Donald Trump and his Chinese counterpart Xi Jinping as early as this month.. Read more at straitstimes.com.
Source: The Straits Times - 🏆 8. / 63 Read more »