For German industrial heavyweight Siemens, recent threats by U.S. President-elect Donald Trump to crack down on big business do not spell trouble. At least that’s what a confident Siemens chief executive told German politicians on Friday.
Public concern over potential job cuts on the group’s home front make for a less comfortable ride in Germany, however.
Siemens Chief Executive Joe Kaeser isn’t known to shy away from a political debate. He’s come under fire in Germany in recent months after the company axed some 2,500 jobs at its industrial division, the majority at its heartland in Germany’s southern state of Bavaria.
But the debate at Friday’s party gathering of the Christian Social Union, the Bavarian sister party of Chancellor Angela Merkel’s CDU, evolved around another issue: With U.S. President-elect Donald Trump lashing out at big corporations in several Twitter rants over the last weeks, many wonder what his presidency might spell for global business.