Economy

Trump retweets suggestion that General Motors should pay back bailout money

Trump retweets suggestion that General Motors should pay back bailout money

Mr Trump unleashed the comments on Twitter a day after GM announced it would close down five vehicle factories and slash 14,000 jobs in North America, with numerous job cuts coming from the Midwest, where the President has promised a rebirth of manufacturing.

While steel jobs may have dwindled, manufacturing - anchored by the General Motors' Lordstown assembly plant - has remained the cornerstone of the local economy.

Trump called for the end of subsidies to GM and also blamed Brown for GM's decision. That amounts to less than 0.2 percent of the $3.3 trillion the Treasury took in during the latest fiscal year.

Meanwhile, it's a fallacy to suggest that the new deal could have either prevented or ended up expediting the cuts, said Dan Ujczo, an OH trade lawyer who hails from Lordstown, the same community outside Cleveland that's home to one of the five GM plants where production is to cease next year.

OH and much of the rest of the industrial Midwest were vital to President Donald Trump's campaign in 2016 and probably will be again in 2020. Many of those cuts are coming from the Midwest, where he has promised a manufacturing rebirth.

"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". It's also hard, if not impossible, for Trump to overcome the dynamics that are driving companies to choose robots over humans, discontinue brands and close plants.

Actually, Trump may have jumped the gun on that as the automaker has only said that it is considering a new plant.

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"Look, we made this deal, we've worked with you along the way, we've done other things with mileage standards, for example, and other related regulations", Mr Kudlow said. "Don't move, don't sell your house", he said. "You better get back in there soon", he said he told the CEO.

Well, here is President Trump's chance to help us. The president threatened to eliminate tax credits for GM's electric vehicles along with other tax breaks and subsidies.

Tesla Inc. has already reached the cap and GM is expected to be next.

The claim was repeatedly debunked by fact-checkers from ABC News and other news organizations during his time on the campaign trail, and the White House has declined to elaborate on what the president is actually referring to, although U.S. Steel has said it has restarted some blast furnaces that were previously dormant prior to Trump's steel tariffs.

Trump's harsh words rattled investors, who bid down GM shares by 2.6 per cent on Tuesday after sending them up on Monday in response to the automaker's cost-cutting.

"We can confirm that we are considering building an engine plant in the U.S.to supply BMW vehicles manufactured in the USA and Mexico", Domonic Stoiber with BMW's Corporate and Governmental Affairs said in a statement.

GM announced Monday that it wants to shutter the plants and slash 14,000 jobs in North America.

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He also claims to have admonished Barra in person, and said he told the CEO that she had "better" reopen plants in the USA soon. Drive It Home is also asking community members to light a candle for the plant and use the group's profile frame on Facebook to show their support for workers. The facility will employ about 600 people and serve "southern USA energy and construction sectors, which consume considerable amounts of flat roll steel products".

According to Brown's office, GM would meet the criteria requiring the company to pay the higher tax rate if Brown's bill passed because of the decision to make the Blazer in Mexico and the planned USA staff reductions.

The plant is a focal point in the potential closings because of the president's pledge at a rally a year ago in nearby Youngstown, where he talked about going past big factories whose jobs "have left OH".

Keeping open a plant slated for closure is not without precedent for GM. Those SUVs are the only models built in that plant. The ability to make more components in the USA would help BMW address local content rules, according to Bloomberg. If the U.S. 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.

In two tweets, the president said that extending tariffs already in place for foreign-built small trucks to the vehicle sector would help domestic manufacturers.

In October, nearly 65 per cent of new vehicles sold in the U.S. were trucks or SUVs. The United States slapped an additional 25 percent tariff on Chinese-made vehicles earlier this year, prompting China to retaliate.

On Tuesday, President Trump decried the decision.

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