April 25, 2019

Trump threatens to cut GM subsidies

28 November 2018, 01:56 | Joann Bryant

Trump threatens to cut GM subsidies

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.

"I said, those jobs have left Ohio".

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.

Other News

Trending Now

Major League Baseball requests return of $5,000 donation to Mississippi Senator Cindy Hyde-Smith
Walmart, Pfizer, AT&T, Boston Scientific, Union Pacific, and Leidos also asked for Hyde-Smith to return campaign contributions. It was reported that she also wore a Confederate hat while visiting a museum for Confederate president Jefferson Davis.

President Trump has harsh remarks for GM over layoffs
The reductions could ripple through auto parts suppliers such as Aptiv and Magna International, Michaeli said. Matt Smith has worked at the Oshawa plant for 12 years, and his wife also works at the facility.

Walmart's Cyber Monday 2018 Early Gaming Deals: Nintendo Switch Bundle & More
For obvious reasons, most retailers have been focusing their advertising efforts on Black Friday in recent weeks. Walmart says it will have "thousands more deals" this year than it's had on Cyber Mondays in the past.

Mack Brown Hired As UNC's Next Football Coach
Miles and Brown left retirement from the world of college football coaching to rejoin the Power Five ranks in the past two weeks. But after just five wins in the last two seasons, Cunningham moved quickly to "take the football program in a new direction".

UAE signals jailed United Kingdom academic could be freed in 'amicable solution'
The verdict was handed down on Wednesday, a move described as deeply disappointing by British Prime Minister Theresa May. The presidential pardon came in response to a letter by Hedges's family delivered by a British official, he said.

Signs with nooses refer to MS lynchings
MS has a history of racially motivated lynchings and violence against people who sought voting rights for black citizens. If elected, Espy would be the first black person elected to the Senate from the state since the era of Reconstruction.

Turkish police inspecting villa in Yalova in Khashoggi investigation
Turkey has maintained pressure on Saudi Arabia over the October 2 killing of the us -based columnist for The Washington Post . On the grounds of the first villa, investigators using special equipment drained water from a well, Anadolu reported.

USA closes Mexican border crossing, repels some migrants with tear gas
But The Associated Press reports that many are poor people with few belongings who have fled violence in their home countries. USA officials closed the border crossing at San Ysidro for several hours at the end of last week.

The Red Dead Online beta begins tomorrow (for other people)
Finally, public access to Red Dead Online will be available to anyone that owns Red Dead Redemption 2 from November 30 . However, fans have been given a sign that the RDR2 Online beta could be about to have its release date any moment now.

Big Ten championship has huge implications for Ohio State
This season for Ohio State has been anything but normal, beginning with its celebrated coach suspended for three games. Now, for the hypothetical, assume Alabama and Clemson win their respective conference championship games.