Trump suggests he's looking into tariffs on car imports

Donald Trump Threatens To Cease Federal Subsidies To General Motors

'You better get back in there soon’: Trump vows to get tough with General Motors over plant closures

"The president is not one to take a lot of responsibility for his own issues, problems", said Brown.

In a pair of Wednesday tweets, the president pointed to the 25% levies that are placed on pickup-truck imports into the US, and said this "chicken tax" was the reason why the USA small truck business is doing well.

But the president seemingly hasn't done the math on how cutting subsidies would actually affect GM. Kudlow, who met with Barra on Monday, said Trump felt betrayed by GM. The German automaker now imports engines and transmissions from Europe for SUVs made in the USA, and it's building a new factory in Mexico.

GM electric vehicles are eligible for a $7,500 tax credit under federal law, but it is not clear how the administration could restrict those credits or if Trump had other subsidies in mind. "They're all coming back", Trump assured supporters.

The stakes for Trump with mass GM layoffs are especially high given the U.S. president's vows to revive smaller cities and towns throughout the rust belt that have suffered job losses that Trump blames on bad trade agreements negotiated by his predecessor. Get smart Congress. Also, the countries that send us cars have taken advantage of the United States for decades.

President Donald Trump retweeted a supporter's call for General Motors to repay billions to the federal government it received as part of last decade's auto industry bailout.

GM, like other automakers, is moving away from slow-selling cars and focusing on trucks and SUVS while also sinking money into new technology for self-driving and electric vehicles. More than 1.3 million people held auto jobs in 2000, compared with roughly 970,000 today.

SEC Fines Floyd Mayweather, DJ Khaled for ICO Promotions
Another Mayweather post promoting a different cryptocurrency said "You can call me Floyd Crypto Mayweather from now on". The SEC also found that Mayweather never disclosed that he was paid $200,000 to promote two other ICOs.

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. GM is expected to hit that 200,000-unit limit at near the end of this year, which triggers the process of diminishing the credit until it's phased out completely.

About half the workers laid off from those plants would have a chance to relocate to other GM operations, according to the company. White House officials have promised to keep pressure on GM to keep the jobs and factories open.

Such tariffs, according to an analysis released by the Peterson Institute for International Economics in May, could see production fall by 1.5% and "cause 195,000 United States workers to lose their jobs over a 1- to 3-year period or possibly longer".

GM said it has invested more than $22 billion in USA operations since 2009, when it exited bankruptcy protection. The factories slated for closure could get new products in exchange for items the company wants from the union, she said.

On Monday, GM said assembly plants at Lordstown, Detroit and Ontario, and the propulsion plants in White Marsh, Maryland and Warren, Michigan will be "unallocated" in 2019. The United States slapped an additional 25 percent tariff on Chinese-made vehicles earlier this year, prompting China to retaliate.

"If you are going to have a company that's going to show us their middle finger then I think our government should show them our middle finger as well", Dias said.

Latest News