Trump promises more manufacturing jobs in US
Is that why stocks, consumer confidence and retails sales are up?
Rival Japanese automakers Toyota and Mazda are expected to announce plans Friday to build a major U.S. assembly plant as a part of a new joint venture.
The $1.6 billion plant, to be built in an unspecified U.S. location and open in 2021, will be able to produce 300,000 vehicles a year and employ 4,000 people, Reuters reported.
The Trump administration will likely claim the new plant as a victory, fulfilling the president’s push to urge foreign automakers to make more vehicles in the U.S.
Toyota President and CEO Akio Toyoda speaks in Tokyo, March 13, 2015. (Associated Press)
In January, Trump singled out Toyota, threatening the company with a steep border tax if it did not invest in U.S. production. Toyota later announced it would invest $10 billion in U.S. operations over the next five years, USA Today reported.
The two automakers are also expected to announce investments in each other.
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