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Fwd: Pool report 3 - 2/23
Courtney Weaver • Financial Times
February 23, 2017: 01:17 PM


Apologies, there was a problem with the earlier pool reports being sent out but the press office seems to have fixed the problem now.

Here are the full remarks from Trump's meeting with the manufacturing CEOs earlier today. As always, check against the official transcript.

Trump: Thank you very much. It's a great honor to have everybody. Many of you I know. A few of you I know from reading our wonderful magazines and business magazines in particular. It's an honor to have you here today. Bringing manufacturing back to America and high wage jobs is one of our campaign promises and themes and it resonated with everybody. It was really something what happened. States that hadn't been won in many many years they came over to our column. A lot of it had to do with jobs - and other reasons - but jobs. And I'm delivering on everything that we've said. People have said they've never seen so much happening in the first month of the presidency. And I think we've delivered on a lot. I think Mark [Fields, CEO of Ford] can say a lot of the things that we are doing for the auto industry. We're going to do be doing that for a lot of the industries. As you know the United States has lost one third of our manfufacturing jobs since Nafta. That's an unbelievable number and specific. And 70,000 factories closed since China joined the WTO. 70,000 factories. When I used to give that statistic, I used to talk about it and I always thought it was a typo. I thought, it can't be right. Think about it: 70,000 factories. So you see what are we doing? My administration's policies and regulatory reforms, tax reforms, trade policies will return significant manufacturing jobs to our country. Everything is going to be based on bringing our jobs back. The good jobs, the real jobs. They've left. And they're coming back. They have to come back. We've already seen companies such as Intel, Ford - Mark has been great - GM,WalMart, Engines, Amazon, Fiat - they came the other day they're going to make a serious investment in the country. Carrier and many others have announced significant new investments in the United States. For example, Ford is doing 700 million in Michigan, creating 700 new jobs as a vote of confidence. They've actually stated a vote of confidence. We have many other companies doing the same thing. Carrier, as you know. I got involved very late - almost by two years late - but many of the jobs that were leaving for Mexico they're bringing them back. At least 800 jobs - they're bringing them back. They actually were about to leave. I have no idea what they did with the plant in Mexico. You'll have to ask them. General Motors in investing 1 billion in US plants, adding or keeping 7,000 jobs. There's going to be invested a lot more than that over the next fairly short period. Lockeed Martin has 18, they've just announced eighteen hundred new jobs. And US plant they're doing a great job in restarting. We've negotiated with them on the A35. They've cut their price a little bit. Thank you very much. Good stuff. [Laughter] I have to say this, Marrilyn [Hewson, CEO of Lockeed Martin] you've got a lot of credit because we did the right thing. Over 700 million, right? Over 700m Do you think Hillary would have asked for 700 million? [Laughter] I assume you wanted her to win [More laughter]."

"Sprint-SoftBank is putting in $50 million because our election in the United States over the next four years to create 50,000 jobs. They've been terrific by the way. We're very happy. Today we have 24 CEOs from the largest manufacturing companies in the country, even in the world. They represent - just people in this room - 1 trillion in sales and 2 million employees, largely with jobs that are in the United States. They share our commitment to bring manufacturing back and create jobs in this country. The biggest part [of my win]. I would say the border - big part. The military strength - big part. And jobs - big part. I don't want to say which is [the biggest] but defense is maybe the most important. We need to take care our our defense. Great products. Nobody makes the products like we do for military - nobody."

"I just want to thank all my people. All my staff has been amazing. Gary has been amazing. You all know Gary from Goldman. Gary Cohn. Really happy. He just made 200 million dollars in tax just to take this job. [Laughter] Very nice, Gary. He's getting criticized by the media because he's getting paid $197,000. They'll say he really wanted that money. Which I think he gave it up. Did you give it up?"

Cohn: "I did"

Trump: "I want to thank Wilbur. Wilbur has been so fantastic. I've known Wilbur for so long. Great guy. Great negotiator but very fair negotiator. He's doing good things. The deals that we have with other countries are very bad. We don't have any good deals. In fact, I am try to find a country where we actually have a surplus - surplus of trade. Everything is a deficit. With Mexico we actually have $70 billion in deficits."

"We're going to have a good relationship with Mexico. And if we don't, we don't."

"With China we have close to a $500bn deficit. We have to do something about it."

"We're going to do things that are the proper things to do. I actually said to my people: find a country where we actually do well. We haven't had actually found that country."

"I want to thank Jared Kushner. So involved in this. And all my guests. We have a great team - a team of all stars. And we really give them credit for that. Rex. As you know he is in Mexico. That's going to be a tough trip...that's going to be a tough trip. But he's over there with General Kelly who's been unbelievable at the border. What's happening at the border: for the first time we are getting gang lords out, drug lords out. These bad dudes out of this country and at a rate that nobody's ever seen before and they're the bad ones. It's a military operation...Much of that is because people are here illegally. And they're rough and they're tough but they're not tough like our people. So we had to get them out."

Paul then turned the floor over to the 24 CEOs. Here are the exchanges he engaged in with a few of them:

Greg Hayes, chief executive of United Technologies, parent company of Carrier.

Trump to Hayes: "Did you bring any more of those jobs back?" [Laughter]Trump (continued): "But one thing he did. You know, I said, you were given so much credit for that. And I heard two days ago that you're selling way more Carrier air conditioning. People are buying Carrier because of what you did - bringing the jobs back to Indiana...Thank you."

Doug Oberhelman, CEO of Caterpillar:

Oberhelman: "Doug Oberhelman, executive chairman of Caterpillar. We have plenty of D10s"

Trump: "I love those D10s. I even like the D12. Are they still doing the D12?"

Oberhelman: "No we're doing the D11. We have some of those around."

Trump: "'Cause the D12 I'm waiting for. That's going to be bigger than anything ever in history. There's nothing like what you do. The caterpillars are the best. And we raise the dollar we let other people manipulate their currencies. It's the one thing that stops you, Doug. Right?"

Oberhelman: "Pretty much"

Trump: "We have to give you a level playing field. We have to let other countries give you a level playing field. What a great company. I love Caterpillar. I've been driving Caterpillar for a loooong time."

Oberhelman: "Well come out and see us. We'll put you in one."

Trump: "I might do that soon."

Trump to Mario Longhi of US Steel: "You're going to be doing a lot of pipelines now. You know that, right? You're going to get into the pipeline business because we've approved as you know the Keystone Pipeline. And the Dakota. But they have to buy medium steel so I'll say US steel. But steel made in this country and pipelines made in this country."

Longhi:"By the way when you come drive trucks, come out to Minnesota."

Trump: "Good. I'll be out there."

Jeff Immelt of GE

Trump: "Jeff actually made me make a hole in one. Do you believe it? Should you tell that story?"

Immelt: "We were trying to talk President Trump in doing the Apprentice. That was my assignment when we owned NBC. President Trump goes up to a par of 3 on his course. He goes up to the three of us and says: you realize I'm the richest golfer in the world. Then he gets a hole in one." [Laughter]

Trump: "It's amazing. It's amazing. No I actually said I was the best golfer of all the rich people - to be exact." [Laughter]



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