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White House says Musk, CEOs of Ford, GE will join Trump manufacturing council

General Electric CEO Jeffrey Immelt
Eric Piermont | AFP | Getty Images
General Electric CEO Jeffrey Immelt

President Donald Trump on Friday announced the major executives and labor leaders whom he will meet with regularly to get advice on manufacturing policy.

The business leaders include Tesla Motors CEO Elon Musk and chief executives of large American companies like Ford, Dow Chemical, General Electric, Boeing and Lockheed Martin. Richard Trumka, president of the labor federation AFL-CIO, will also give advice.

Dow Chemical CEO Andrew Liveris, who was already picked to head the council, already spearheaded one meeting with the president. Trump said he will work with the leaders on "how best to promote jobs and get Americans back to work again."

At a White House meeting Monday that Liveris and Under Armour CEO Kevin Plank attended, Trump said he wanted to cut regulations by 75 percent or "maybe more," without detailing which rules he would target. He also touted his campaign pledges to slash the corporate tax rate, adding that he wanted to reward companies that manufacture in the U.S. and to impose border taxes on products that companies make abroad.

Others in Trump's manufacturing council include the chief executives of Johnson & Johnson, United Technologies, Intel and Arconic.

Trump has encouraged companies to keep jobs in the United States, heavily promoting one deal for United Technologies' Carrier unit to keep some jobs in Indiana rather than move them to Mexico, in exchange for $7 million in incentives over several years. Still, the company plans to shut down another Indiana facility and move hundreds of jobs to Mexico.

Some critics have hit Trump for what they call intervening with companies on a case-by-case basis and potentially passing costs on to American consumers with increased taxes on goods made abroad.

Correction: This story was revised to correct the date of the announcement.