Trump's Jobs Creation Agenda Gains Traction on GM, Walmart Announcements

© Flickr / Mike MozartWalmart sued after man is shot dead holding a toy gun.
Walmart sued after man is shot dead holding a toy gun. - Sputnik International
General Motors and Walmart, two of the most prominent US large companies and employers, reaffirmed their plans to add US jobs, triggering a positive reaction from President-elect Donald Trump.

In this Sept. 8, 2010 file photo, auto worker Brenda Hedland takes a picture of the first Chevrolet Cruze compact sedan to come off the assembly line at a ceremony inside the GM factory in Lordstown, Ohio - Sputnik International
General Motors Strikes Back After Trump's Tax Threat: Cruze Models Built in US
Kristian Rouz – Adding to the economic optimism that stems from President-elect Donald Trump's plan to "bring jobs back in the US," the automotive giant General Motors (GM) and retail chain store Walmart announced on Tuesday they would hire additional personnel nationwide. With the increased investment in their US operations, both enterprises are eyeing greater profits resulting from strengthening US consumer demand.

However, as some analysts point out, these two companies planned their expansion in the US market before the presidential election in November. Yet, the anticipation of the Trump-proposed fiscal stimulus is pushing consumer sentiment higher across the US, promising even higher estimated returns for both Walmart and GM.

Walmart Stores, Inc. and General Motors Co. won thumbs-up from President-elect Donald Trump on Tuesday after they both reaffirmed their plans to increase investment in domestic operations and hire additional personnel.

"Thank you to General Motors and Walmart for starting the big jobs push back into the US!" Trump tweeted on Tuesday.

Walmart plans to create 10,000 new jobs across their 60 new stores set to open this year. Meanwhile, GM intends to invest an additional $1 bln in their domestic operation, creating 1,500 new US jobs, primarily in manufacturing.

General Motors - Sputnik International
Trump Threatens General Motors With Border Tax Over Car Production in Mexico
Trump, naturally, welcomed these recent announcements as they fall in line with his economic policy agenda aimed at improving the US labor market by adding sustainable jobs in the private sector.

Previously, Trump harshly criticized many US major enterprises for offshoring their manufacturing and operational facilities and cutting US jobs in the crucial sectors of the economy. His election in November was largely motivated by the economic despair across the Rust Belt – once heavily industrialized, and now dismayed, states of Pennsylvania, Michigan, Ohio, and Wisconsin expressed their trust in Trump’s economic agenda aimed at bringing the economy back on track.

"With all of the jobs I am bringing back into the US (even before taking office), with all of the new auto plants coming back into our country… I believe the people are seeing 'big stuff'," Trump said in a separate tweet. The president-elect is known as a heavy user of Twitter, oftentimes drawing criticism from his opponents for his excessive reliance on this social media platform.

Overall, since Trump was elected into office in early November, he has assured the creation of roughly 200,000 new US jobs by a handful of both US and overseas enterprises. Among these are the online retailer, the telecom giant Sprint Corp., the German pharmaceutical company Bayer, and the US seeds enterprise Monsanto Co. The latter two companies also reaffirmed their plans to create more hi-tech jobs in the US after their merger is finalized.

Republican presidential nominee Donald Trump takes the stage for a campaign event at Fredericksburg Expo Center August 20, 2016 in Fredericksburg, Virginia - Sputnik International
Trump Promises More Action on US Jobs After Ford Scraps Mexico Plant
Walmart is a prominent example of a company that up until recently was closing its brick-and-mortar shops across the US and cutting personnel due to increased competition from online retail. However, the recent pickup in domestic US consumption and the failure of online commerce to push beyond the threshold of 10pc of total US sales resulted in Walmart revising their outlook. Most likely, the expected massive money injections into the economy in the form of the Trump tax stimulus encouraged the once-bleeding Walmart to turn their business strategy around.

Among other companies, SoftBank earlier announced they would create 50,000 US jobs under a $50-billion investment deal, stemming from the confidence of the Trump administration's economic policies. IBM, once the biggest producer of computers in the US, also said they would add 25,000 jobs in the US.

"I share (Trump's) enthusiasm about the commitment that he's making to this country," Sergio Marchionne, CEO of Fiat Chrysler Automobiles said.

Never miss a story again — sign up to our Telegram channel and we'll keep you up to speed!

To participate in the discussion
log in or register
Заголовок открываемого материала