Trump warns GM could lose subsidies over layoffs

01 December, 2018, 01:16 | Author: Darnell Patrick
  • U.S. President Donald Trump answers questions from the press while departing the White House

President Donald Trump again rails against General Motors, tweeting that the company's job cuts and plant closures are an exception and "very counter to what other auto companies are doing".

Trump lashed out at General Motors (GM) this week, after it announced it will close four U.S. plants, and eliminate 14,000 jobs, as GM shifts away from building weaker-selling vehicle models.

For Ford, some of the impetus for the layoffs is a restructuring program the company is undertaking, but the layoffs are also related to the president's trade war, with the company citing recent sales woes in China and increased material costs as driving some of their pain.

The Twitter account of Treasury Secretary Steven Mnuchin amplified a message from an anonymous account called "The_Trump_Train" on Wednesday that demanded GM "pay back the $11.2 billion bailout that was funded by the American taxpayer".

GM did not blame the threat of tariffs for this week's plant closing announcement. "The booming!"

"What's really disgusting is how Tim Ryan, Sherrod Brown and Dave Betras use the Lordstown issue as an excuse to criticize President Trump, who has done more to boost American jobs than any president in memory", Munroe said.

Rather, the cuts are entirely about General Motors preparing for what industry experts agree will be a hard and challenging future for old-school automakers, and doing so at a time when its balance sheet is relatively healthy and the company has room to manoeuvre, he said.

Trump has given direction toward a broader examination of ways for the federal government to block funds to GM, the person said Wednesday.

We are now looking...

A White House rebuke to GM would fly in the face of long-held Republican opposition to picking winners in the marketplace.

Trump has expressed disappointment with GM and its chief executive officer, Mary Barra, for the decision to close the plants. "You better get back in there soon - that's OH".

It's not clear precisely what action against GM might be taken, or when, and there are questions about whether the president has the authority to act without congressional approval.

Shortly after the announcement, Trump said that he would consider cutting all of the company's subsidies, including credit going to consumers buying electric vehicles.

GM, Tesla Inc. and Nissan Motor Co. formed a coalition earlier this month to lobby to have the purchase subsidy extended.

White House press secretary Sarah Huckabee Sanders told reporters at a briefing, "I don't know that there's a specific timeline" for taking action against GM.

Trump has also harshly criticized GM for building cars in China.

Trump's policy goals may have helped contribute to GM's decision.

President Donald Trump is not happy with General Motors these days, to say the least. Trump at the time of that announcement said the automaker was moving its plant from Mexico to MI, which wasn't quite the case. Workers also will be added at an SUV factory in Arlington, Texas. But while the U.S., Canada and Mexico are set to sign an updated trade deal on Friday, negotiations with China have shown little progress.

GM said it has invested more than $22 billion in USA operations since 2009, when it exited bankruptcy protection. The President added that he believed GM would be "opening up something else" in the state of Ohio. White House officials have promised to keep pressure on GM to keep the jobs and factories open. In 2009, for instance, GM announced that it meant to close a huge assembly plant in Orion Township, Michigan, north of Detroit. Customers want trucks and SUVs rather than sedans, so the plants that make sedans are being axed. Regardless of whether suppliers and OEMs continue to import steel from overseas or buy it domestically, they are paying more for steel to build their vehicle bodies.

The prospect of tariffs of 25 percent on imported autos and parts has sent shockwaves through the auto industry, with both United States and foreign-brand producers lobbying against it and warning that national security tariffs on European Union and Japanese vehicles could dramatically raise the price of many vehicles. However, for Chinese manufactured cars this figure rises to 25 per cent.

Rising material costs and export tariffs are hurting European and Japanese companies operating in the USA as well.


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