Trump threatens to cut GM subsidies amid layoffs, possible plant closures

- President Trump has threatened to cut government subsidies to General Motors the day after the major car manufacturer announced it was cutting thousands of jobs to focus more on producing autonomous and electric vehicles. 

"The U.S. saved General Motors, and this is the THANKS we get! We are now looking at cutting at GM subsidies, including [subsidies] for electric cars," the president said in a tweet Tuesday afternoon. 

"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!" the tweet continued. 

The big restructuring announcement came Monday morning. GM said more than 14,000 jobs in the U.S. and Canada were being slashed, the majority being white collar workers and others of factory workers. Five plants are also in jeopardy of closing. 

Those five plants currently build cars that won't be sold in the U.S. after 2019, so they could close or get different vehicles to build. The assembly plants are in Detroit; Lordstown, Ohio; and Oshawa, Ontario. Also on the line are transmission factories in Warren, Michigan, as well as Baltimore.

National Economic Council director Larry Kudlow also said Tuesday the White House's reaction was "a tremendous amount of disappointment maybe even spilling over into anger."

 

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