Trump on Wednesday signed a $1 billion loan from the US Export-Import Bank that would help finance the construction of two new American auto plants, the first of which is slated to open in 2019.
The president said he also signed a bill to extend a program that provides financial assistance to businesses that expand production facilities.
Trump has vowed to expand US auto production during his term in office and has been critical of the Export-Based Manufacturing Recovery Act, a key piece of legislation to revive American manufacturing.
He has said he plans to revive the program.
The Export-based Manufacturing Recovery bill was passed by Congress last year, but stalled in the Republican-controlled House of Representatives.
Trump also signed another $1 million loan to help American companies revive their production lines.
Trump had sought $1 trillion in loans to build the two new plants, which would be owned by the Chinese automaker Foxconn and be located in Wisconsin and Ohio.
Foxconn has been one of Trump’s top targets as he tries to boost exports to Asia.
