Angry Over Cutbacks, Trump Threatens To End GM Subsidies

Angry Over Cutbacks, Trump Threatens To End GM Subsidies

Troy Powers
December 1, 2018

So is Mr. Trump correct? "The U.S.A.is booming!" He hit Whirlpool's biggest rival, South Korea's Samsung Electronics Co., with tariffs on washing machines.

Although GM said on Monday the plant closures were not related to the tariffs, the New York Daily News blamed the duties, and published a cartoon on the front page showing a GM vehicle carrying Trump "off a cliff".

"We believe that this administration is going to stay true to creating this fair trade environment".

As for the impending closing, Munroe said: "On one hand, we need to be grateful to GM for the 50-plus years of helping thousands of Valley residents put food on the table and kids through college".

The solemn prayer vigil took place outside the General Motors plant in Lordstown on Thursday. To him, his steel and aluminum tariffs have already proved their free-trade skeptics wrong: they have succeeded in propping up the domestic metal manufacturers they were meant to help. But construction spending on factories has yet to significantly take off after having been in decline between 2016 and much of 2018.

Trump tweeted his warning Tuesday, a day after GM announced it would shutter five plants and slash 14,000 jobs in North America. The president also threatened to eliminate tax credits awarded to consumers who buy the company's electric vehicles, as well as other tax breaks and subsidies.

He also wrote that BMW just announced a major new plant, which isn't quite true. It previously announced plans to build an additional 50,000 to 450,000 vehicles a year at the facility. "If we did that with cars coming in, many more cars would be built here".

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According to Germany's Wirtschaftswoche magazine, Trump is already preparing to impose 25% tariffs on auto imports from everywhere except for Canada and Mexico, despite the fact that his administration has said it won't target the European Union and Japan with new tariffs while trade talks are ongoing.

Volvo Cars opened a factory in SC this year and Toyota and Mazda are jointly building a new plant in Alabama.

As far as Trump's claim that automakers are pouring into the country, the only US plant that has been announced during his administration so far has been one by Toyota-Mazda in Alabama. While Trump could likely claim BMW building a new plant in the U.S. as a big win, the German company has far from confirmed any plans, and has also shown signs that the trade war is actively hurting its business in the USA.

Federal labor data show automakers added almost 31,000 jobs during President Barack Obama's a year ago in office.

Last July, President Donald Trump came to my hometown in Ohio.

GM still has to set aside $2 billion to pay for the layoffs and buyouts, but according to UAW President Gary Jones, workers would rather have their jobs.

Despite the job growth in recent years, auto companies employ far fewer workers than they did in 2000. Trump believes that foreign countries dump low-priced items in the United States and make it hard for U.S. manufacturers to compete, a trend that he says has destroyed millions of jobs.