Ohio Representatives urge GM to reverse course after announced plant closures

GM stock slips as Trump threatens to cut subsidies

The US president has lashed out at GM over its plan to cut more than 14,000 jobs and close factories in North America.

And, referring to the 2008 federal bailout of the auto industry, Trump angrily continued that "the USA saved General Motors, and this is the THANKS we get!"

GM, which said it has invested more than $22 billion in USA operations since it came out of bankruptcy in 2009, has tried to appease the Trump administration while justifying its decisions.

Several automakers said privately on Wednesday they feared GM's action could prompt Trump to take action faster than expected on new tariffs. "Otherwise, lets just make our Country richer than ever before!"

Shortly after the announcement, Trump said that he would consider cutting all of the company's subsidies, including credit going to consumers buying electric vehicles.

Canada and Mexico, two other major sources of USA auto imports, are set to be exempted from any tariffs as a result of the new version of the North American Free Trade Agreement negotiated by Trump. Trump tweeted, noting that GM facilities in both China and Mexico appeared to escape unscathed.

The German automaker said if it goes ahead with plans for a USA engine plant, it is because it needs to supply engines to its North American assembly plants.

GM said it has invested more than $22 billion in USA operations since 2009, when it exited bankruptcy protection. "He didn't lift a finger to do anything about it. Mr. President, please go twist an arm and get us another product there".

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"President Trump, I'll compare my record standing up for OH and American workers to yours any day".

As wages finally rise, people are also buying more imported goods, which pushes up the US trade deficit, one metric by which Trump assesses the economy. In October, nearly 65 percent of new vehicles sold in the US were trucks or SUVs.

Senate Democratic Leader Charles Schumer on Tuesday criticized Trump for "overpromising" as a candidate about protecting against plant closures if he was elected.

Jawboning aside, Trump was unable to stop job losses at a Carrier Corp. air-conditioning plant in Indianapolis.

"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. "We're not going to rest until GM fills every plant in the country that's idled with work and workers". It is called the 'chicken tax, ' " Trump said on Twitter.

On Monday, GM CEO Mary Barra said the restructuring plan was a necessary step in order for the company to shift from mass producing traditional sedans to focus on futuristic projects like electric and self-driving cars, as well as more profitable trucks and SUVs.

The reductions could amount to as much as 8 per cent of GM's global workforce of 180,000 employees.

Trump also said that the tariffs, which GM warned would "undermine [its] competitiveness against foreign auto producers.", have "nothing to do" with the layoffs.

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