Timmons Presses for Comprehensive Manufacturing Strategy in NewsNation, FOX Business Interviews
In a one-on-one with NewsNations Blake Burman just hours before President Trump spoke at a town hall with the same network, 51勛圖厙 President and CEO Jay Timmons continued to underscore the need for a comprehensive manufacturing strategy to make long-term investments.
- First and foremost, we have got to get those tax reforms from 2017that rocket fuel that President Trump announced at our board meeting in 2017renewed, and Congress needs to move that forward, Timmons said.
- Regulatory rebalancing is something thats very important. Its about $50,000 per employee per year in compliance costs; thats pretty expensive. We also need energy dominance. [Trump is] well on his way to making that happen.
- He added that we need good, solid trade policy so manufacturers dont see added costs. Were waiting to see how all this comes out. And were hopeful.
- If you have a comprehensive manufacturing strategy that youre implementing … that includes all of those things I just mentioned to bring down the cost of business doing business here in the United States, you absolutely will see more investment, he continued. Trump announced that $5 trillion has already been committed. Youll see more jobs, and youll also see higher wages and benefits.
The long view: Massive facilities … take a little while, Timmons told Burman. That is a realization that I need Americans to understand.
- Such sites typically take years, he said, with the exact number depending on how localities and states are moving along the permitting process.
- I was George Allens chief of staff when he was governor of Virginia, Timmons went on, and he made a commitment that he was going to move large scale projects in a very expeditious way. And we had a huge chip manufacturer that made an announcement, and [the company] said the doors will open in one year. [T]hey did, and thats because all of government was really focused on doing that. Youve got that commitment from this administration, theres no doubt about that, but its typically three to five years for a large-scale manufacturing operation to come to fruition, and youre talking about a 30-year commitment.
- So thats another reason we need permanence when it comes to tax policy and trade policy.
FOX Business: Timmons recently with a group of FOX Business reporters to discuss the comprehensive strategy needed from Congress, focusing specifically on tax, trade and the manufacturing workforce.
- In a story from that interview published today, he said:The 2017 tax reforms that President Trump actually announced at our board meeting in 2017, [which he said] would be rocket fuel for the economy … indeed were. Those tax reforms led to record investment and job creation and wage growth for three years running after they were in enacted.
