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Ford scraps Mexico plant, announces plans to invest $700 million in Michigan plant

Ford announced Tuesday that it's canceled its plans to build a $1.6 billion plant in Mexico. Instead, the second-largest American automaker will invest $700 million in a plant in Flat Rock, Michigan, adding 700 jobs.

Ford CEO Mark Fields made a point to clarify Ford did not "cut a deal" with President-elect Donald Trump, but rather "did it for our business." However, Fields did seemingly give a nod to Trump's pro-business interests when explaining why Ford had its change of heart. "Our announcements today are really a vote of confidence in the economy," he said.

Trump singled out Ford several times during his presidential campaign for moving jobs to Mexico, and he'd promised to slap a 35 percent tariff on Ford automobiles manufactured in Mexico and sold in the U.S.. Within minutes of Ford's announcement, Trump adviser Kellyanne Conway was celebrating. Becca Stanek