Sen. Brown says Trump 'likes' his auto bill

President Trump is not pleased with General Motors

Industry analysts said USA automakers have been hit hard by the steep rise in steel prices brought by higher us duties on imported steel imp; used by Trump.

Trump did not explain what "subsidies" he was referring to.

Following Trump's tweets on Tuesday afternoon, a person familiar with GM's financials told CNN Business that the only federal government subsidy GM now receives is a tax credit up to $7,500 for each electric auto it sells.

Unions blasted GM for the announcement, while Democrats lambasted Trump for supporting a large corporate tax cut that was sold as a job-creating programme, but in fact boosted company profits.

A day earlier, Trump issued a vague threat to GM to preserve a key plant in the presidential bellwether state of OH, where the company has marked its Lordstown plant for closure. Unsurprisingly, Trump was a lot more outspoken than Canada's head of state.

The company said the cuts - 2,500 jobs in Oshawa, GM's Canadian heartland, as well as 3,300 production workers in the US and 8,000 salaried staff - are part of a dramatic course correction aimed at better positioning GM for the dominance of electrified, interconnected and automated automobiles.

"Since [Trump's] been president, GM has idled that plant", Betras said.

Such tariffs would have prevented GM from shuttering its US plants, Trump added.

Kudlow did make it plain, however, that the White House expects the USMCA to be signed, as planned, by all three countries when G20 leaders gather later this week in Buenos Aires.

The cuts will "position the company for long-term success and maintain and grow American jobs", GM said, adding that many workers at impacted plants will be able to move to other GM factories.

BMW South Carolina Factory
Trump threatens General Motors after announced closures in Midwest

If Trump fails to help, OH may not blame him for GM closing its doors, but they will blame him for not saving the plant.

We are now looking... "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". Trump said Monday that he expected to move ahead with raising tariffs on $200 billion in Chinese imports to 25 percent from the current 10 percent, and repeated his threat to slap tariffs on all remaining imports from China.

The president reiterated on Twitter that "countries that send us cars have taken advantage of the USA for decades". "Nothing being closed in Mexico & China".

"This callous decision by GM to reduce or cease operations in American plants, while opening or increasing production in Mexico and China plants for sales to American consumers, is, in its implementation, profoundly damaging to our American workforce", said Terry Dittes, UAW vice president, director of GM Department, in a statement. "I look forward to further discussions with the administration and my colleagues in Congress about how to make this economy work for American workers". Trump wrote on Twitter.

China now imposes a 40 percent tariff on USA automobiles, while the United States has a 27.5 percent tariff on Chinese vehicles. GM sold almost 2.7 million vehicles in China through September, almost all built in China.

GM says the money saved from closing plants that build cars people aren't buying will go into new technologies, including electrification and autonomous driving.

Senator Rob Portman believes GM could return to Lordstown when they begin manufacturing electric vehicles in place of the Chevy Cruze. Killing the subsidies may have little financial impact on GM because it is on the cusp of reaching its subsidy limit. Tesla already hit that figure.

Earlier this week, Trump singled out Brown, who has said he is thinking about running for president himself, for criticism after GM announced its layoff plans.

It's also hard, if not impossible, for Trump to overcome the dynamics that are driving companies to choose robots over humans, discontinue brands and close plants.

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