More evidence appears to be emerging that all those meetings with CEOs are influencing the president, who has confirmed that he won’t target an immediate withdrawal from the North American Free Trade agreement.
His decision to hold back is a win for business concerned that increased tariffs on the Mexican and Canadian borders would dramatically increase the cost of delivering goods and services, including automobiles and fossil fuels. Earlier this month, Donald Trump reneged on his earlier claim that China was a currency manipulator, while telling CEOs to expect “pleasant surprises” on NAFTA.
The policy u-turns come as CEOs who have attended Trump’s summits in New York, Washington and Florida indicate that he’s listening to their policy advice, which would no doubt include urging him to avoid trade wars with the likes of China and Mexico.
Trump said on Twitter this morning that he had received calls from Mexican President Enrique Peña Nieto and Canadian Prime Minister Justin Trudeau asking to renegotiate rather than terminate NAFTA. “I agreed,” he said, while later adding: ” … subject to the fact that if we do not reach a fair deal for all, we will then terminate NAFTA. Relationships are good—deal very possible!”
Trading in the Mexican peso was volatile yesterday as some news reports suggested more protectionist forces in the administration were pushing Trump to issue an order declaring America’s withdrawal from the pact, established in 1994.
Ford CEO Mark Fields, who sits on Trump’s manufacturing council, is among leaders who have continued to tout the benefits of NAFTA, which he said supports American jobs. Fiat Chrysler’s Sergio Marchionne has said withdrawing from the treaty would have “monumental consequences” for the auto industry, while the likes of Berkshire Hathaway CEO Warren Buffett and FedEx’s Fred Smith have urged the president to keep trade ties open.
Blackstone CEO Stephen Schwarzman, who chairs Trump’s economic advisory council, said in January that Canada “should not be worried” about trade negotiations and that it was unlikely its vast energy exports would face new taxes. Yet, the administration this week slapped tariffs as high as 24% on Canadian lumber imports, indicating upcoming trade renegotiation won’t necessarily be smooth.
You might also like:
Trade as a Dirty Word: What CEOs Must Do to Defend Global Commerce
Airline CEOs Test Rex Tillerson on Trade
China Could Emerge as Free-Trade Kingmaker if U.S. Turns Inward
Chief Executive Group exists to improve the performance of U.S. CEOs, senior executives and public-company directors, helping you grow your companies, build your communities and strengthen society. Learn more at chiefexecutivegroup.com.
0
1:00 - 5:00 pm
Over 70% of Executives Surveyed Agree: Many Strategic Planning Efforts Lack Systematic Approach Tips for Enhancing Your Strategic Planning Process
Executives expressed frustration with their current strategic planning process. Issues include:
Steve Rutan and Denise Harrison have put together an afternoon workshop that will provide the tools you need to address these concerns. They have worked with hundreds of executives to develop a systematic approach that will enable your team to make better decisions during strategic planning. Steve and Denise will walk you through exercises for prioritizing your lists and steps that will reset and reinvigorate your process. This will be a hands-on workshop that will enable you to think about your business as you use the tools that are being presented. If you are ready for a Strategic Planning tune-up, select this workshop in your registration form. The additional fee of $695 will be added to your total.
2:00 - 5:00 pm
Female leaders face the same issues all leaders do, but they often face additional challenges too. In this peer session, we will facilitate a discussion of best practices and how to overcome common barriers to help women leaders be more effective within and outside their organizations.
Limited space available.
10:30 - 5:00 pm
General’s Retreat at Hermitage Golf Course
Sponsored by UBS
General’s Retreat, built in 1986 with architect Gary Roger Baird, has been voted the “Best Golf Course in Nashville” and is a “must play” when visiting the Nashville, Tennessee area. With the beautiful setting along the Cumberland River, golfers of all capabilities will thoroughly enjoy the golf, scenery and hospitality.
The golf outing fee includes transportation to and from the hotel, greens/cart fees, use of practice facilities, and boxed lunch. The bus will leave the hotel at 10:30 am for a noon shotgun start and return to the hotel after the cocktail reception following the completion of the round.
