Daily Management Review

Concerns to Trump about Travel Ban Expressed by U.S. Business Leaders


02/04/2017




Concerns to Trump about Travel Ban Expressed by U.S. Business Leaders
Some of the chief executives of major U.S. companies expressed concern about a travel ban on people from seven Muslim-majority countries traveling to the United States as they huddled with President Donald Trump at the White House.
 
Bank rules, tax reform, and objections to Trump's week-old ban were discussed by the said the group, business leaders of the group which included Jamie Dimon of JP Morgan Chase & Co and Indra Nooyi of PepsiCo Inc.
 
The travel restrictions will create uncertainty that could rattle markets and will impact their employees, some companies are worried. Because of the number of foreign workers they employ in the United States, tech companies also have broader concerns about Trump's immigration policies.
 
While some business leaders are wary of working with a president who uses his platform to attack companies that vex him, such as threatening penalties for manufacturing outside the United States., even as the U.S. business community has been divided in their approach on taxes and immigration.
 
An update on the travel restrictions, which caused chaos at major U.S. airports and are now facing court challenges, was given to the corporate leaders by Homeland Security Secretary John Kelly.
 
"There was obviously concern by different people and explanations and that issue had to be covered and was covered," Blackstone Group Chief Executive Stephen Schwarzman, who leads the advisory group, said on Fox Business.
 
They would raise concerns with Trump about the travel crackdown, said participants including Elon Musk of Tesla Inc before the meeting.
 
A meeting of the business advisory panel that Trump announced in December was convened and the panel also included Mary Barra of General Motors Co and Jim McNerney, formerly of Boeing Co.
 
Under pressure from activists over the order, Uber CEO Travis Kalanick quit the group. Saying that going to the meeting did not mean he agreed with Trump's actions, Musk defended his own decision to participate on Friday.
 
Trump "understands the importance of an open dialogue with fellow business leaders to discuss how to best make our nation's economy stronger," said the White House in a statement on Thursday evening that did not mention Uber.
 
While some General Motors and JPMorgan Chase have not taken a position, executives from Ford Motor Co also criticized the ban.
 
As part of a push to step up U.S. job creation, Trump has also met with executives from the U.S. pharmaceutical and auto industries.
 
The issues of taxation are also creating a division in the corporate world. A group in support of a congressional plan to tax all imports was joined by Boeing Co and General Electric Co on Thursday. But many U.S. retailers, which say it could raise prices for consumers, oppose that plan, which does not have universal support among Republicans.
 
"If you're a big U.S. manufacturer and exporter, you love it. And if you're a retailer bringing a lot of your stuff in, it has ramifications for you," Jack Welch, the former GE chief executive, said on Fox Business after the meeting. "It's not a simple issue."
 
(Source:www.reuters.com)






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