Trump warns U.S. may cut off GM subsidies after job cuts

[Eugene]

LBN thread: Trump Rips General Motors Over Factory Closure Plans: 'This Is the THANKS We Get' for Saving You!

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Source: Reuters

BUSINESS NEWS NOVEMBER 27, 2018 / 2:26 PM / UPDATED 5 MINUTES AGO

Trump warns U.S. may cut off GM subsidies after job cuts

David Shepardson
2 MIN READ

WASHINGTON (Reuters) - U.S. President Donald Trump said the White House was looking at cutting subsidies for General Motors Co (GM.N) after the largest U.S. automaker said it would halt production at five plants in North America and layoff thousands of workers.

“The U.S. saved General Motors, and this is the THANKS we get! We are now looking at cutting all @GM subsidies, including ... for electric cars,” Trump said on Twitter.

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 he had other subsidies in mind. GM shares fell on Trump’s tweets and were recently down 2.4 percent.

GM declined to immediately comment.

Trump criticized GM for not closing facilities in Mexico or China on Twitter.

-snip-

Read more: https://www.reuters.com/article/us-gm-restructuring-trump/trump-warns-u-s-may-cut-off-gm-subsidies-after-job-cuts-idUSKCN1NW27M

Link to tweet

[Shell_Seas]

1. Economic question

If he does this, how will it impact the company? Would more layoffs follow?

[pwb]

2. So he really wants to hurt electric car production.

destroy progress at every chance.

[SummerSnow]

3. So now he's mad with GM. What a clown

[Auggie]

4. Rachel Maddow: Don't pay attention to what he says, pay attention to what he does.

[JHan]

5. Dumbass-in-Chief.

[Farmer-Rick]

6. Right Traitor Trump, easy to say harder to do

I'm all for it, if he actually does it. I doubt he will. He never does anything that actually helps America. If it would help Russia, you can bet he'd done it already.