GM may face subsidy cut after threat from Trump

The Lordstown Ohio GM plant which will be closed down

Earlier this week, GM announced GM plans to close up to five plants by the end of the year.

President Donald Trump is not happy with General Motors these days, to say the least.

"If we did that with cars coming in, many more cars would be built here and G.M. would not be closing their plants in Ohio, Michigan & Maryland".

Trump's plan to bring China to heel through the imposition of punishing tariffs isn't going well either.

It's a sensitive issue for Trump because the blue-collar workers in the Rust Belt make up a significant block of his base. We are now looking... "I love OH. I told them, 'you're playing around with the wrong person, '" he added. I believe he wants to keep the promises he made to the people of the Mahoning Valley, and I think only the Trump White House can move this big of a mountain.

Addressing the closure of the assembly plants in the US, President Donald Trump stated Wednesday that the government was studying possible auto tariffs. "You better get back in there soon", he said he told the CEO.

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US Senator Bernie Sanders both GM and President Trump in his Facebook post on Tuesday.

Following Trump's tweets on Tuesday afternoon, a person familiar with GM's financials told CNN Business that the only federal government subsidy GM now receives is a tax credit up to $7,500 for each electric vehicle it sells.

Economic advisor Larry Kudlow has told a press conference at White House that "the president said there is a good possibility that we can make a deal and he is open to it".

He also wrote that BMW just announced a major new plant, which isn't quite true.

GM said Monday that Lordstown will stop making the Chevy Cruze by March, at a cost of 1,400 union jobs on top of the 2,700 lost there since Trump took office.

"We appreciate the actions this administration has taken on behalf of industry to improve the overall competitiveness of USA manufacturing", the GM statement said.

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Brown introduced his American Cars, American Jobs Act in August after GM announced plans to build its new Chevrolet Blazer in Mexico.

He also claims to have admonished Barra in person, and said he told the CEO that she had "better" reopen plants in the U.S. soon. It also has said it will lay off workers as part of an US$11 billion restructuring. By nearly any measure, U.S.jobs, unemployment, personal income are at their best levels ever.

The threat of auto tariffs continues to loom large over the vehicle manufacturing sector.

Mr Trump said that he was "very disappointed" with Mary Barra, right, GM's chief executive, after it emerged that GM would cut about 14,000 jobs from its global workforce of 180,000. If the United States went ahead with auto duties and its trading partners responded in kind it would take as much as three quarters of a percentage point off the global growth forecast that International Monetary Fund economists now expect to be 3.7 percent next year. Those tariffs are set to rise from 10% to 25% at the beginning of next year, putting yet another price hike on automakers' plates.

The crowd cheered, bolstered with hope that President Trump would protect their jobs.

"I spoke with her when I heard they were closing and I said, 'You know, this country has done a lot for General Motors".

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