President Trump’s “love” of Caterpillar, Inc. apparently wasn't deep enough to spare the Illinois-based manufacturer from a multi-agency federal raid linked to its overseas subsidiaries and tax practices.
The company, which makes mining and construction equipment, was slapped with three search warrants by the feds on Thursday.
On Friday, U.S. Commerce Secretary Wilbur Ross confirmed that the raids were part of an ongoing probe against the company.
“The Commerce Department has enforcement responsibilities both on imports and on exports, so it’s an important part of our function,” Ross said on CNBC. “We’re going to be even stricter on enforcement, particularly on inbound goods that shouldn’t be.”
The escalation of the government’s dispute with Caterpillar comes as the Trump administration promises to reform corporate taxes and design a system that makes it attractive for companies like Caterpillar to keep their businesses stateside.
|