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CEO: Corporate America Needs 'Red Carpet Not Red Tape'

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CEO: Corporate America Needs 'Red Carpet Not Red Tape'

Andrew Liveris is the CEO of Dow Chemical Co (NYSE: DOW) and also leads President Donald Trump's manufacturing council. Speaking to CNBC's Sara Eisen on Thursday, Liveris explained why he believes Trump is leading the "most pro-business administration since the founding fathers."

Liveris started off by explaining that the Trump administration has dedicated the most amount of time and resources toward meeting with business leaders and shows that the president is "speaking the language of business."

"There are literally hundreds of projects on the investment side that are not occurring in this country because it just takes too long and we end up going to other countries where bureaucracy is red carpet, not red tape," the executive argued.

Liveris continued that he believes with the proper support from the White House the U.S. economy can achieve the coveted 3 percent growth rate some had deemed to be impossible.

Border Tax

Moving on to the controversial border tax, Liveris explained that many manufacturing companies are in favor of a border tax so long it is reasonable and fair — which contrasts to the current situation where it is unfair.

See Also: Treasury Secretary Steven Mnuchin On Tax Reform, Stock Market

He continued that many other countries across the world have their own version of a border tax, often labeled as a VAT (value added tax) so it is merely fair for the United States to have some sort of tax of its own.

In essence, U.S. trade policy as it stands today makes it easy for foreign countries to access the U.S. market yet at the same time other countries make it harder for American companies to enter their market.

Liveris expects to see clarity before the fall season but did suggest that repealing the Affordable Care Act (ACA) is a "higher priority" for the near term.

Latest Ratings for DOW

DateFirmActionFromTo
Sep 2020HSBCDowngradesHoldReduce
Sep 2020B of A SecuritiesMaintainsUnderweight
Sep 2020Truist SecuritiesMaintainsBuy

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