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Eugene

(61,595 posts)
Fri May 12, 2017, 01:58 PM May 2017

GE's Immelt wants to double purchases from Mexico -president's office

Source: Reuters

BUSINESS NEWS | Fri May 12, 2017 | 1:49pm EDT

GE's Immelt wants to double purchases from Mexico -president's office

General Electric Co (GE.N) Chief Executive Jeff Immelt is keen to double the conglomerate's purchases from Mexican suppliers next year, the Mexican president's office said in a statement on Friday, a move that could upset U.S. President Donald Trump.

Immelt met with Mexico's President Enrique Pena Nieto in Mexico City and will spend a few days in Latin America's No. 2 economy at a time of tension between the neighboring countries and major trading partners.

Trump has threatened consequences for U.S firms that move operations overseas and has promised to revive manufacturing in the United States by luring jobs north. He has also threatened to ditch the North American Free Trade Agreement (NAFTA), a lynchpin of the Mexican economy, if he cannot renegotiate better terms.

"Immelt ratified the company's confidence in Mexico and its national industry, by expressing his interest in doubling purchases from national suppliers in 2018," the Mexican president's office said.

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Read more: http://www.reuters.com/article/us-usa-trade-mexico-ge-idUSKBN18829I
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