Trump says GM should repay US taxpayers for bailout

30 November, 2018, 13:43 | Author: Eric Barnett
  • Jerry Dias president of the trade union Unifor speaks to General Motors employees at the union hall in Oshawa Ontario Canada on Monday Nov. 26 2018. GM said Monday that it plans to idle three car plants including Oshawa and two transmission plant

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!"

The tweet came after GM announced plans this week to cut 14,000 jobs and shut five facilities in North America, dealing a blow to the President's promise to help auto workers. He also said he had told GM CEO Mary Barra to open up a new facility in OH and stop making cars in China.

Sherrod Brown, D-Cleveland, spoke with U.S. President Donald Trump about General Motors Wednesday night.

On Tuesday, Trump and other administration officials said they were considering stripping subsidies to GM, such as a credit given to buyers of electric vehicles, in retaliation.

But GM did say last month it expects to spend $1 billion more for commodities like steel and aluminum next year.

One steel company has disclosed plans to build a new plant in the U.S. Steel Dynamics this week said it's planning a new flat-rolled steel plant somewhere in the Southwest, with construction expected to start in 2020 and to start operating by the end of 2021.

In an example of "what's good for investors isn't good for workers", GM's stock increased after the announcement of layoffs and factory closings. The automakers are particularly concerned because all cars built at U.S. auto plants have a significant amount of foreign parts in them.

The Trump administration ordered a review of the retaliatory auto tariffs enacted by China and singled out General Motors suggesting they could have prevented the layoffs and plant closures by following the businesses practices of other vehicle companies. Yesterday, GM noted its own investments in the industry and said it's grateful for federal support, including under President Trump.

"Get smart Congress. Also, the countries that send us cars have taken advantage of the USA for decades", Trump wrote.

The news has sparked widespread backlash, including from President Donald Trump, who threatened to revoke the company's subsidies as a result.

Brown said he and Trump didn't talk about the president blaming the closure of the Lordstown plant on him.

Many foreign-branded sedans sold in the United States, including Toyota and Honda models, are manufactured locally and theoretically the tariffs Trump proposed Wednesday would not affect them. Ford said it will cut jobs, Toyota is threatening to and BMW's exports have slumped.

The reductions could amount to as much as 8 percent of GM's global workforce of 180,000 employees. Numerous USA workers impacted by these actions will have the opportunity to shift to other GM plants where we will need more employees to support growth in trucks, crossovers, and SUVs. Tesla surpassed 200,000 cumulative EV sales in the USA earlier this year, and Bloomberg NEF analysts project that GM will probably exceed that mark this quarter.



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