The CEOs of Detroit's three automakers met with President Donald Trump this morning to talk about investments. Specifically, investments into U.S. manufacturing.
"We have a very big push on to have auto plants and other plants -- many other plants," Trump told reporters at the meeting. “We’re going to make the process much more simple for the oil companies and everybody else that wants to do business in the United States.”
During the meeting, Trump told the CEOs that he plans on cutting corporate tax rates to 15-20 percent, and reduce regulations by 75 percent.
“We think we can cut regulations by 75 percent. Maybe more. When you want to expand your plant, or when Mark wants to come in and build a big massive plant, or when Dell wants to come in and do something monstrous and special -- you’re going to have your approvals really fast,” said Trump.
One regulation that is likely going to be shown the door are the EPA's 2025 fuel economy regulations which were set in stone during the final days of President Obama's tenure. Automakers have been asking President Trump to rethink the aggressive mandates set by the agency.
“I am, to a large extent, an environmentalist. I believe in it. But, it’s out of control,” said Trump.
After the meeting, Ford CEO Mark Fields seemed the most upbeat when speaking to reporters.
"As an industry we're excited about working together with the president," said Fields.
GM CEO Mary Barra said she sees a “huge opportunity” with working with the president to “improve the environment, improve safety and improve job creation.” FCA CEO Sergio Marchionne was less enthused than the other two, stating the meeting was a positive one.