Economy

President Trump Thinks Auto Tariffs Would Have Saved GM's Plants

President Trump Thinks Auto Tariffs Would Have Saved GM's Plants

Shares of GM rose 0.7 percent to $36.95.

"The goal of Treasury's investment in GM was never to make a profit, but to help save the American auto industry, and by any measure that effort was successful", Treasury Department spokesman Adam Hodge said at the time.

Numerous job cuts would affect the Midwest, the politically crucial region where the president promised a manufacturing rebirth.

Trump described being "very tough" in his conversation with General Motors CEO Mary Barra.

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.

Trump took to Twitter to address the issue. "We are going to be looking at certain subsidies regarding electric cars and others and whether they should apply or not".

"We've done this to help you and I think his disappointment is, it seems like that they kind of turned [their] back on him."

He is yet to follow through on such threats, but earlier this month it was reported that the White House was circulating a report discussing the prospect of auto tariffs. And regardless of what your political views are, the president is right to criticize GM for the upcoming United States plant closures and layoffs. "You better get back in there soon - that's OH". The price of those goods rose since the Trump administration imposed tariffs on those products in an effort to help U.S. mills.

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Correction: An earlier version of this story said Toyota suggested it could cut jobs in the U.S. in response to President Donald Trump's tariffs. Killing the subsidies may have little financial impact on GM because it is on the cusp of reaching its subsidy limit.

Asked if any plans had been finalized, a BMW spokesman confirmed for HuffPost on Thursday that it is still considering building an engine plant in the U.S. "Under my administration, we've created 600,000 brand-new manufacturing jobs that people said could never come back to our country".

Just hours after GM's announcement Monday, Trump told supporters at a rally in Biloxi, Mississippi, that they shouldn't worry. The US saved General Motors, and this is the THANKS we get!

GM is set to idle five factories in the U.S. and Canada and eliminate about 14,000 jobs, more than ten percent of its North American workforce.

"The president said he liked the bill", Brown said in a statement. But while the U.S., Canada and Mexico are set to sign an updated trade deal on Friday, negotiations with China have shown little progress. Mr. Bains said the lesson of the planned GM plant closings in Canada and the United States is that tariffs don't work, pointing to the US tariffs on steel and aluminum. White House officials have promised to keep pressure on GM to keep the jobs and factories open. GM has two other plants in St. Catharines and Ingersoll.

An auto transport truck full of new cars drives out of the General Motors Lordstown plant, Tuesday, Nov. 27, 2018, in Lordstown, Ohio. A number of different models have been manufactured at the plant, including the Chevy Caviler, Pontiac Sunfire and the current Chevy Cruze.

GM's decision to halt production at factories in the U.S. and Canada has angered many politicians. If the U.S. went ahead with auto duties and its trading partners responded in kind it would take as much as three quarters of a percentage point off the global growth forecast that International Monetary Fund economists now expect to be 3.7 percent next year.