ibusinesslines.com
ibusinesslines.com December 17, 2018


Ohio Democrats petition to save GM Lordstown plant

30 November 2018, 01:41 | Kelvin Horton

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

Donald Trump Threatens To Cease Federal Subsidies To General Motors

But other automakers are also struggling. A total of 6,500 factory jobs will be cut as well.

The tariffs on $200 billion worth of goods from China also cover a wide range of goods, some of which are used in automobile production, such as gaskets and washers.

"The reason that the small truck business in the U.S.is such a go to favorite is that, for many years, Tariffs of 25% have been put on small trucks coming into our country", Trump tweeted. Big Steel is opening and renovating plants all over the country. The facility will employ about 600 people and serve "southern US energy and construction sectors, which consume considerable amounts of flat roll steel products".

"They expressed their disappointment over the closures of the GM plants in Canada and the US" and "underscored their concern for the workers, their families and the communities that are affected by this decision", Trudeau spokesman Cameron Ahmad said.

Trump's suggestion that he may implement a new industry-wide tariff on auto imports isn't new: it's something he's been threatening for months. Toyota has also threatened to cut 1,000 jobs in the USA.

Beyond the subsidies given to customers, GM has received about $333.5 million in federal spending in the past 12 months, according to a US government website that tracks federal expenditures.

The Detroit-based automaker is on track to generate an estimated $144.2 billion in revenue this year. Rick Schostek, executive vice president for Honda North America, expressed concerns about the steel tariffs during a Senate Finance Committee hearing in late September.

"We are going to be looking at certain subsidies regarding electric cars and others and whether they should apply or not", Larry Kudlow, director of the White House National Economic Council, told reporters Tuesday, just before Trump's Twitter postings.


GM announced Monday that it could close several plants in the United States and cut more than 14,000 jobs, drawing harsh criticism from the USA president, who had promised to bring jobs back to America in his presidential campaign. "They say the Chevrolet Cruze is not selling well". Currently, the automaker imports engines and transmissions from Europe for SUVs made in the US, and it's building a new factory in Mexico.

"We're at the range where you could think about a second location", Krueger said, according to Reuters.

Bloomberg via Getty Images A worker at the BMW Manufacturing Co. plant in Greer, South Carolina, in May.

Vehicle tariffs on both sides have increased in the US-China trade war.

"That cost will be carry over to the pocket books of people buying cars", Samuelsson shared with Higgins during the Los Angeles auto show on Wednesday.

GM said on Monday that the Oshawa plant would close in December 2019.

The US has agreed with Japan and the European Union to hold off on additional tariffs on auto imports while trade negotiations are underway.



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