Stanley Black & Decker said Thursday that it would open a new $35 million manufacturing plant in the U.S. after acquiring the Craftsman tool brand from ailing retailer Sears Holdings.

Expanding American manufacturing makes “business sense” amid “pervasive” uncertainty regarding the future of U.S. trade with China and Mexico, Stanley Black & Decker CEO James Loree told investors Thursday in a conference call.

Although he did not mention Donald Trump by name in his remarks to investors, Loree’s comments had all the hallmarks of an effort to inoculate his company from the possible effects of the president-elect’s threatened “border tax.”

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