Trump Responds To GM’s Controversial Plant Closures

GM has announced that it’s closing several plants worldwide.

GM announced Monday morning that it would shut operations at plants in Detroit; Oshawa, Ontario; Warren, Ohio; White Marsh, Maryland; and Warren, Michigan. The plants made sedans that have waned in popularity, including the Chevrolet Volt, Impala and Cruze, the Buick LaCrosse and the Cadillac CT6 and XTS. GM said it will no longer make those cars.

Two of the plants made engines and parts for those cars. The facilities made some trucks, but those trucks are also made in Mexico.
The company also said it would close three plants outside North America by the end of next year. One of those closures, in South Korea, had been previously announced.

Trump has responded. He issued a threat.

Very disappointed with General Motors and their CEO, Mary Barra, for closing plants in Ohio, Michigan and Maryland. Nothing being closed in Mexico & China. The U.S. saved General Motors, and this is the THANKS we get! We are now looking at cutting all @GM subsidies, including….

— Donald J. Trump (@realDonaldTrump) November 27, 2018

….for electric cars. General Motors made a big China bet years ago when they built plants there (and in Mexico) – don’t think that bet is going to pay off. I am here to protect America’s Workers!

— Donald J. Trump (@realDonaldTrump) November 27, 2018

Will he really cut GM’s subsidies?

BREAKING: GM shares hit session low after President Trump tweets that "we are now looking at cutting all GM subsidies including for electric cars" after company announced 14K+ job cuts and plant closures. https://t.co/jn8limUSe7 pic.twitter.com/Rg7oknGclB

— CNBC Now (@CNBCnow) November 27, 2018

To be continued…