Economy

Trump, Kudlow play hardball with Barra and GM over planned cuts

Trump, Kudlow play hardball with Barra and GM over planned cuts

The moves include shuttering seven plants worldwide as the company responds to changing customer preferences and focuses on popular trucks and SUVs and increasingly on electric models.

"So, we have a lot of pressure on them".

GM is cutting more than 6,000 hourly and salaried workers at its plants and 15 percent of the salaried workers in North America for a total of more than 10,000.

"We started this transformation in 2015", Barra said in a conference call with reporters to announce the moves, "Now we're accelerating and picking up the pace". And I said, "You know, this country has done a lot for General Motors". I spend more time around them than my own family.

Earlier, White House economic adviser Larry Kudlow on Tuesday indicated that Trump may announce other ramifications for GM.

"For decades, workers in the Mahoning Valley have made a commitment to GM, and today GM let Northeast Ohio down", said Sen.

U.S. President Donald Trump demanded General Motors Co. add a new product to replace a plant in OH that the company said it planned to close next year due to lagging small-car demand.

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As well as Detroit-Hamtramck, assembly plants in Oshawa, Ontario and Warren, Ohio will close. The Detroit-based company's shares surged on the plan.

She also noted that tariffs on imported aluminum and steel have hit the company, but she stopped short of saying they had anything to do with the restructuring.

GM is also moving to cut capital spending overall, even as it says it will double the resources dedicated to electric and self-driving vehicles over the next two years. The Trump administration threatened to retaliate by withholding federal subsidies for the company's cars.

In Canada, Prime Minster Justin Trudeau expressed "deep disappointment" with the plant closure.

Production began at the Oshawa plant on November 7, 1953, and in the 1980s the plant employed roughly 23,000 people. "We must step away from the anti-worker thinking of seeking simply the lowest labor cost on the planet", Gary Jones, the union's president, said Monday. I am here to protect America's Workers!

Her first big move was cutting back in Russian Federation, idling a St Petersburg plant in 2015 and halting sales of GM's Opel brand and most Chevrolet models. Analysts were generally upbeat about the news.

Meanwhile, GM's Barra said Monday the company will be investing in autonomous and electric vehicle technology.

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GM shut down its Australian manufacturing arm in October 2017, closing its Adelaide plant and placing 944 people out of work.

The issue will be addressed in talks with the United Auto Workers union next year.

US President Donald Trump has escalated his attack on General Motors (GM) after the carmaker's announcement of major job cuts.

The closures come as North American automakers feel pressure from USA tariffs on imported steel and aluminum.

The plant in Lordstown, Ohio, which makes the Chevrolet Cruze compact vehicle also is on the list, and Barra said the Cruze would no longer be sold in the U.S. Production would stop March 1.

"I'm hopeful that another automotive manufacturing company will come in and take over the Lordstown facility, and take advantage of our exceptionally hard working and well-trained workforce here in the Mahoning Valley", Congressman Johnson said.

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