With the Dow Jones continuing to flirt with 20,000, more companies are announcing plans to increase investments in the United States and create scores of new jobs for U.S. workers.
On Sunday, Fiat Chrysler became the latest automotive company to announce it would be investing more money in its U.S. operations. The company reported that it plans on spending $1 billion on U.S. manufacturing, modernizing plants in Ohio and Michigan. The investment is expected to create 2,000 new jobs.
According to the company, its plant in Warren, Michigan will be made capable of producing pickup trucks that are currently made in Mexico.
Trump hailed the move on Twitter:
It's finally happening - Fiat Chrysler just announced plans to invest $1BILLION in Michigan and Ohio plants, adding 2000 jobs. This after...— Donald J. Trump (@realDonaldTrump) January 9, 2017
Ford said last week that it will expand in Michigan and U.S. instead of building a BILLION dollar plant in Mexico. Thank you Ford & Fiat C!— Donald J. Trump (@realDonaldTrump) January 9, 2017
Fiat Chrysler joins Ford who last week announced it would be canceling a $1.6 billion plant they had planned to build in Mexico and would instead invest $700 million in U.S. assembly plant in Michigan.
In another victory for the U.S. economy, Jack Ma, executive chairman of Chinese e-commerce giant Alibaba, is meeting with Trump on Monday to discuss the company's plans to expand its presence in the United States. According to reports, Alibaba's U.S. expansion could create as many as 1 million jobs over the next 5 years.