LVMH is following through on a pledge to create more U.S. manufacturing jobs, part of a plan by Bernard Arnault, chairman of the French luxury conglomerate, to hedge against trade tensions and build on the rapport he’s established with President Donald Trump.
Trump and his daughter Ivanka are set to open a new Louis Vuitton factory with a ribbon-cutting ceremony in Texas on Thursday alongside Arnault, who is LVMH’s leading shareholder, and Michael Burke, the chief executive officer of its best-known brand.
In 2017, Arnault was one of the first CEOs to visit the president following his election, making the trip to Trump Tower along with his son Alexandre at a time when most fashion executives were paralyzed over how to approach the new commander-in-chief. Fashion was caught between threats of tariffs on foreign suppliers and concerns that consumers opposing Trump would boycott brands that supported the new administration.
Three Senate Democrats have directed a letter to the Federal Trade Commission (FTC) insisting it fully enforce its “Made in the USA” labeling standards in the aftermath of recent agency decisions to settle with companies that allegedly marketed foreign-made goods as domestically produced.
Sen. Sherrod Brown of Ohio, Sen. Chris Murphy of Connecticut and Sen. Tammy Baldwin of Wisconsin drafted a memorandum to the FTC on Monday stating they were concerned about recent agency decisions to reach “no-fault, no-money” settlements with companies alleged to have sold imported equipment under a “Made in the USA” label, instead of pursuing fines and admissions of guilt from the firms involved.
Nearly eight months after President Donald J. Trump signed his executive order “Buy American and Hire American,” an expert on certifying whether goods are made in the United States shared with Big League Politics the challenges in certification and enforcing Trump’s intentions.
Adam Reiser, the CEO and founder of Certified, Inc., told Big League Politics he is seeing no action in the executive branch to move the president’s executive order forward.
A source familiar with how the White House drafted the executive order told Big League Politics: “There are zero teeth in it, you know? Let’s of fanfare, lots of publicity, back-slapping and hand-shaking with Trump–and now, it is getting resisted, like as if it meant nothing.”
According to the president’s directive, all agencies were supposed to have turned into both the Department of Commerce and the Office of Management and Budget how they plan to comply. These plans are to include, searchable databases of certified vendors, storage arrangements for the documents and simplifications of their internal procurement procedures.
Reiser said Trump’s executive order was the president’s attempt to bring federal procurement back in synch with the law.
A senior administration official speaking on background on Easter Monday, the day before the executive order was signed in the headquarters of the tool company Snap-On in Kenosha, Wisconsin, said the executive order would correct the abuse of the Buy American Act waiver process.
Fort Lauderdale, Florida, the “Yachting Capital of the World” will host the 58th Fort Lauderdale International Boat Show on Nov 1- Nov 5, 2017. Show exhibits range from yacht builders and designers to exotic cars and brokerage yachts. A wide variety of boats will be on display including runabouts, sportfishers, high-performance boats, center consoles, cabin cruisers, flats boats, skiffs, express cruisers, sailing yachts, motor yachts, bowriders, catamarans, ski boats, jet boats, trawlers, inflatables, canoes, and extraordinary superyachts. FLIBS is exactly where you want to be!
According to the OIA Industry 2017 report, the outdoor recreation industry contributes $887 billion in consumer spending annually, provides 7.6 million jobs, generates $65.3 billion in federal tax revenue and $59.2 billion in state and local tax revenue.
Whole Foods Market said Wednesday it will close nine stores in the second quarter as it abandons its goal to open 1,200-plus stores.
“We’re going to continue to grow, but I think we’re going to be a more disciplined growth company than we have been in the past,” John Mackey, co-founder and CEO of Whole Foods, told analysts on the company’s first-quarter earnings call.
Mackey called the closing of the nine stores a “difficult but prudent decision” and said the company will now have more targeted site selection and “continued moderation in ending square footage growth.” He said these moves together will “result in a healthier bottom line, increased cash flow and higher returns.”
Still, the Texas-based company also said it welcomed 14 new stores in the first quarter, including two outlet relocations.
Mackey added the retailer remains “optimistic about the future growth potential for our 365 format but we want to see how this next round of stores perform before getting more aggressive.”
WASHINGTON (Reuters) – U.S. President Donald Trump met with a dozen American manufacturers at the White House on Monday, pledging to slash regulations and cut corporate taxes, but warning them he would impose taxes on imports if they move production outside the country.
Trump, who took office on Friday, promised to bring manufacturing plants back to the United States – an issue he said helped him win the Nov. 8 election – and has not hesitated to call out by name companies that he thinks should bring outsourced production back home.
He asked the group of chief executives from companies including Ford, Dell Technologies, Tesla and others to make recommendations in 30 days to stimulate manufacturing, Dow Chemical CEO Andrew Liveris told reporters.
Trump, a Republican who took over from former Democratic President Barack Obama, was expected to sign executive orders later on Monday to renegotiate the free trade agreement between the United States, Canada and Mexico, and to formally withdraw the United States from the 12-nation Trans-Pacific Partnership.
The new president told the CEOs that he would like to cut corporate taxes to the 15 percent to 20 percent range, down from current statutory levels of 35 percent – a pledge that will require cooperation from the Republican-led U.S. Congress.
Ford Motor Co. is canceling plans to build a new manufacturing plant in Mexico and instead is investing $700 million in Michigan, the automaker announced on Tuesday.
The company’s CEO, Mark Fields, told CNN that the move is a “vote of confidence” in President-elect Donald Trump’s pledge to create a pro-business environment. Fields emphasized, however, that he did not negotiate any special deal with Trump.
“We didn’t cut a deal with Trump,” he said. “We did it for our business.”
Trump bashed Ford on the campaign trail over the automaker’s plan to invest $1.6 billion in Mexico by shifting its North American small-car production south of the border. Ford had emphasized that the move would not affect U.S. jobs because the automaker would be putting new vehicles into the Michigan plants.
But now Ford will instead build the Ford Focus at an existing plant in Mexico. It will also invest $700 million in its plant in Flat Rock, Mich. and create 700 jobs in an effort to produce more electric and self-driving cars. The automaker has said it plans to build a fully self-driving car by 2021.
“I am thrilled that we have been able to secure additional UAW-Ford jobs for American workers,” said Jimmy Settles, United Auto Workers vice president, according to CNN.
A Ford spokeswoman told The Hill that Trump’s team was notified of their plans Tuesday morning.
Ford is not the only automaker to draw Trump’s ire. Earlier Tuesday, the president-elect blasted General Motors on Twitter, threatening a “big border tax” on GM models made in Mexico.