Caterpillar Chairman Doesn't Expect a Trade War -- Update
February 09 2017 - 10:46PM
Dow Jones News
By Andrew Tangel
Caterpillar Inc. Chairman Doug Oberhelman is concerned about a
potential trade war under President Donald Trump's administration,
but is confident such a conflict won't erupt in the end.
"I worry a little bit," said Mr. Oberhelman, who is among
corporate and labor leaders named to a White House advisory group
focused on boosting U.S. manufacturing employment.
But, Mr. Oberhelman added in a brief interview, "It's so early
it's hard to say. I do think cooler heads will prevail. Everybody
knows we've got to trade and I think in the end that's the way
it'll work out."
Caterpillar supported the Trans-Pacific Partnership trade pact,
which Mr. Trump scrapped soon after taking office in January. Mr.
Oberhelman said bilateral trade agreements would work well, but
warned competitors would outmaneuver the U.S. without quick
action.
"Now that we've pulled away, we let the rules be written by
somebody else and China is working on it," he said during a
Thursday evening event hosted by The Economic Club of Washington,
D.C. "We've got to move."
Mr. Oberhelman is stepping down at the end of March as head of
Caterpillar's board of directors. He served as chief executive of
the Peoria, Ill.-based maker of construction and mining equipment
from 2010 until the end of last year.
Trade wasn't the only top issue Mr. Oberhelman said would be on
his list of priorities in advising the White House. Top of the list
would be overhauling U.S. corporate taxes, he said, adding that a
so-called border-adjusted tax "will be very good for Caterpillar,"
given that it is a net exporter.
Overhauling American roads, bridges and other infrastructure
should be key focus too, he said. Private capital, government
spending and or other funding streams will likely need to be tapped
for a broad set of public works projects, he said.
Mr. Oberhelman expressed support for portions of the Dodd-Frank
financial overhaul and the Obamacare health-care law, both of which
have been criticized by Republicans in Congress and Mr. Trump.
Write to Andrew Tangel at Andrew.Tangel@wsj.com
(END) Dow Jones Newswires
February 09, 2017 22:31 ET (03:31 GMT)
Copyright (c) 2017 Dow Jones & Company, Inc.
Caterpillar (NYSE:CAT)
Historical Stock Chart
From Aug 2024 to Sep 2024
Caterpillar (NYSE:CAT)
Historical Stock Chart
From Sep 2023 to Sep 2024