President Donald Trump delivers remarks at the American Center for Mobility in Ypsilanti Michigan with General Motors CEO Mary Barra and other auto industry executives
Trump did not explain what "subsidies" he was referring to. As of now, GM shares are back to where they were before Monday's big announcement.
Ohio's top ranking Democrat, U.S. Senator Sherrod Brown, is proposing a measure in hopes of saving the Lordstown manufacturing plant from shutdown by General Motors, and he's reaching out to someone who's hardly an ally - President Donald Trump.
GM announced Monday that it wants to shutter the plants and slash 14,000 jobs in North America.
"Since [Trump's] been president, GM has idled that plant", Betras said.
Senior White House economic adviser Larry Kudlow on June 6, 2018.
It is among the five GM plants across North America that are set to close next year. A day earlier, Trump issued a vague threat to GM warning it to preserve a key plant in the presidential bellwether state of OH, where the company has marked its Lordstown plant for closure. "We've done this to help you and I think his disappointment is, it seems like that they kind of turned his back on him". Canada and the European Union retaliated by raising their own tariffs on US -made steel and aluminum. In June he threatened Harley Davidson with higher taxes after the motorcycle maker announced it would move some production overseas. In October, nearly 65 percent of new vehicles sold in the US were trucks or SUVs.
Trump has not followed up on these threats.
He blasted GM's CEO, Mary Barra, "for closing plants in Ohio, Michigan and Maryland" even though "nothing" was "being closed in Mexico & China".
"President Trump, I'll compare my record standing up for OH and American workers to yours any day". Questions remain, though, about whether Trump has the authority to act against the automaker without congressional approval.
The US now provides subsidies to auto buyers of $2,500 to $7,500 for electric vehicles by all automakers depending on the model, and how many have been sold. GM sold almost 2.7 million vehicles in China through September, almost all built in China.
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. "We are now looking at cutting all @GM subsidies, including for electric cars", he tweeted. It's only available to automakers that have sold fewer than 200,000 electric vehicles. Tesla hit the cap in July.
A day earlier, he said GM "better damn well open a new plant" in OH. Yesterday, GM noted its own investments in the industry and said it's grateful for federal support, including under President Trump.
Asked if any plans had been finalized, a BMW spokesman confirmed for HuffPost on Thursday that it is still considering building an engine plant in the U.S. Companies are reacting more to market conditions than the tax law, such as by paying more because labor is tight. The company kept the plant open after receiving millions in state subsidies.
"The EU has a retaliation tariffs list ready if the USA imposes autos tariffs on the EU", she said Wednesday.
He said he thought the cars made in Lordstown were the "best product" but that the market said otherwise.
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