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Trump threatens to cut GM subsidies
28 November 2018, 01:56 | Joann Bryant
Trump threatens to cut GM subsidies
She said the company could increase its investments in electronic and autonomous vehicles. Trump added he is putting "a lot of pressure" on the company to reverse course.
The reduction includes about 8,000 white-collar employees, or 15 percent of GM's North American white-collar workforce. "We are going to be looking at certain subsidies regarding electric cars and others and whether they should apply or not".
GM chief executive Mary Barra said the decision will put the U.S. car-maker in a better position for the future.
"We recognize the need to stay in front of changing market conditions and customer preferences to position our company for long-term success".
"I'm going to leave that to him", Kudlow said when asked if Trump has consequences in mind for the major automaker. "That's OH, and you better get back in there soon", Trump said.
Earlier on Tuesday, National Economic Council chairman Larry Kudlow, while previewing the president's G20 agenda, told reporters there may be news about action from the White House regarding the GM announcement.
"We appreciate the actions this administration has taken on behalf of industry to improve the overall competitiveness of USA manufacturing", the statement concluded, in response to Mr. Trump.
Plants in Baltimore, Maryland, and the suburban Detroit community of Warren, Michigan, both of which make powertrain components, have no products assigned to them after 2019 and are at risk of closure, GM said. It would not say how many have accepted the buyouts, but it was short of the company's target because GM said there will be white-collar layoffs.
A senior Republican Senator cast doubt on the likelihood that Trump will succeed in taking away GM's subsidies, which are part of statutory law passed by Congress.
Workers at the Ontario plant walked off the job Monday but were expected to return Tuesday.
"I was very tough", Trump said. The company said it will also close two unidentified factories outside North America. Analysts were generally upbeat about the news. But we will all together get the point across to General Motors.
"I implore President Trump to keep his word when he came to the Mahoning Valley past year and promised jobs were 'all coming back, '" he said in the press release.
"In the past, GM management didn't react as quickly - they went through a sort of slow-speed crash that culminated in 2009 bankruptcy, and that's a lesson that was hard-learned", said Maryann Keller, an independent auto analyst in Stamford, Connecticut, who's written several books about the company.
The United Auto Workers union vowed to "confront this decision by GM through every legal, contractual and collective bargaining avenue open to our membership".
United Automobile Workers vice-president Terry Ditties echoed Mr Trump's sentiment, saying: "This callous decision by GM to reduce or cease operations in American plants, while opening or increasing production in Mexico and China plants for sales to American consumers, is, in its implementation, profoundly damaging to our American workforce".
While GM did not cite tariffs for the plant closure, Trump's trade crackdown has created problems for the auto industry.
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