Nathan Bomey

USA TODAY

General Electric CEO Jeffrey Immelt said his company can succeed without favorable trade deals because of its strategy of building products where it sells them.

GE is insulated from the prospect of increasing tariffs and trade obstacles "because we have a superior global footprint," Immelt told investors in an annual letter.

As President Trump threatens a border tax for goods built on foreign soil and sold to Americans, major manufacturers are scrambling to limit the implications for their industry.

Many have emphasized their reliance on manufacturing goods in local markets instead of exporting to foreign countries, which limits exposure to fluctuating currency rates and reduces transportation costs.

"We will adjust to potential changes in tax policy or protectionist tendencies," Immelt said. "We see many giving up on globalization; that means more for us."

That doesn't mean GE is withdrawing support for free trade. The company continues to support free trade, but Immelt suggested that GE can thrive in a "period of nationalization."

He called on the Trump administration to "level the playing field" by reducing regulations and bolstering infrastructure.

But GE will continue to invest in foreign markets, he said.

"Are we witnessing the end of globalization? I don’t think so. It is the end of the 'global elite,' those who see the world only from financial centers or a website," he said.

Follow USA TODAY reporter Nathan Bomey on Twitter @NathanBomey.