At Table With Trump, 15 European Business Giants Praise Tax Reform and Pledge Billions in New Investments
Leaders of 15 major European corporations praised President Donald Trump’s tax reforms and pledged billions in new investments into the United States during a dinner with the president on Thursday local time at the World Economic Forum in Davos, Switzerland.
Executives from companies including Siemens, Volvo, and Bayer announced upcoming investments into their U.S. markets, all spurred by Trump’s economic reforms and deregulation.
Joe Kaeser, CEO of Siemens, said that his company will develop their next generation of gas turbines in Charlotte, North Carolina, as a direct result of Trump’s tax cuts.
“Congratulations on your tax reform,” said Kaeser, whose company employs 56,000 people in the United States. “You said that’s what you’re going to do. You built it and we’ll come.”
While on the campaign trail, Trump promised to cut taxes and delivered on the promise in his first year in office. The corporate tax rate was reduced to 21 percent from 35 percent in the Republican-passed bill. No Democrats voted for the measure.
Patrick Pouyanne, the CEO of the world’s fourth-largest oil and gas company, Total SA, told Trump that his company will invest $3 billion in petrochemicals in Texas, creating 1,500 new jobs. Total is also investing $2 billion into renewable energy.
“We will do more with your tax reform,” Pouyanne said.
The CEOs of Nestle, Nokia, and Statoil also thanked Trump for what he has done in the United States.
“We’re excited about what’s going in the U.S.,” said Mark Schneider, CEO of Nestle, which hires 50,000 people in the U.S.
The CEOs of Volvo, Bayer, and Anheuser-Busch all announced multi-billion investments as well.
“I would like to congratulate you on tax reform,” Eldar Saetre, CEO of Statoil, said. “That is really good news for all of us here.”
Trump’s tax reforms resulted in a windfall for companies operating in the U.S. More than 3 million Americans have received or are set to receive bonuses of up to $3,000 from companies including Apple, Visa, Walmart, Home Depot, and IAT Insurance, according to Americans for Tax Reform.
Vas Narasimhan, the CEO of Swiss pharmaceutical maker, Novartis, thanked Trump, particularly for appointing “great leadership” to head the Food and Drug Administration.
“We’re pleased with the tax reform but also very pleased with the great progress being made at FDA,” Narasimhan said. “We believe you have a great leadership team there and they’re doing all the right things to accelerate innovation.”
Bill McDermott, the CEO of German software giant SAP, wrapped up the round of announcements by pointing out that most of the people at the table were his clients.
“Its kind of amazing to have all of your customers talk about adding jobs and growing their business,” McDermott said. “Its just a real tribute to the momentum that you’ve created in the global economy, so I thank you very much.”