Trump promises fast-track permitting for companies that invest $1 billion in US
Companies that spend large sums in the United States will be fast-tracked for environmental and other kinds of permits, President-elect Donald Trump said.
Trump announced his plan in a social media post, saying any individual or company that invests $1 billion or more in the U.S. "will receive fully expedited approvals and permits, including, but in no way limited to, all Environmental approvals."
"GET READY TO ROCK!!!" Trump added.
Trump campaigned on reviving American manufacturing. He has promised tariffs on goods produced overseas, including targeting some of the country's major trading partners.
He argues the move could make U.S. companies more competitive and spur foreign companies to produce more goods in America. Tariffs also could drive up the cost of some products, though, contributing to inflation.
Now Trump is proposing to mix the threat of tariffs with the lure of easing regulatory burdens.
Republicans have long raised concerns about overregulation, and one of Trump's signature campaign promises was clearing the way for the energy industry in America.
But speeding up permitting could be met with opposition from groups worried about environmental, public safety and health consequences and other concerns raised by some industries. And it's unclear how much, and how quickly, Trump could overhaul long-standing permitting practices at federal agencies.
Trump's proposal to incentivize American investments with faster permitting comes as he is poised to make sweeping changes to the federal government.
Trump's new Department of Government Efficiency (DOGE) led by billionaire entrepreneurs Elon Musk and Vivek Ramaswamy aims to slash government regulations and spending.
Musk praised Trump's new proposal Tuesday, sharing his social media post on X and writing "This is awesome." Musk's companies, such as Tesla and SpaceX, are heavily regulated.