Trump hints at vehicle tariffs after GM's announcement on cuts

Jerry Dias president of the trade union Unifor speaks to General Motors employees at the union hall in Oshawa Ontario Canada on Monday Nov. 26 2018. GM said Monday that it plans to idle three car plants including Oshawa and two transmission plant

Trump hints at vehicle tariffs after GM's announcement on cuts

"The president said he liked the bill", Brown said in a statement.

The United States imposed a 25 percent tariff on imported light trucks in the 1960s after France and West Germany imposed tariffs on US chicken, so it was also called the "chicken tax," and was referred to by Trump in his tweet.

BMW Group Chairman and CEO Harald Krueger on Tuesday told reporters that his company could consider a second plant in the U.S. It now runs an assembly plant in SC, and will officially open a factory in Mexico next year.

Brown said he and Trump didn't talk about the president blaming the closure of the Lordstown plant on him.

Barra's bright outlook managed to lift investors' confidence in spite of the layoff plan, pushing GM stock up seven percent on Monday.

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.

Trump said in a tweet on Tuesday that his administration was "looking at cutting all @GM subsidies, including for electric cars". As of now, GM shares are back to where they were before Monday's big announcement. But, for GM, Trump's bold bargaining chip might be nothing more than a bunch of hot air.

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Countries that send cars to the US have taken advantage of the country for decades, he said.

Trump and Canadian Prime Minister Justin Trudeau "discussed their disappointment in the announced closures of General Motors plants in their respective countries" during a phone call on Tuesday, White House spokesman Hogan Gidley said. It's not clear precisely what, or when, action may be taken. GM did receive government bailout funds after the financial crisis, as did many other companies, but it repaid its United States loans - $6.7 billion - in 2010.

"Instead of giving companies tax breaks to shut down American factories and lay off workers, why haven't you supported the American Cars American Jobs Act?" At a rally near GM's Lordstown plant last summer, Trump told people not to sell their homes because the jobs are "all coming back".

But the law stipulates that the credit begins to phase out after an automaker sells a total of 200,000 eligible EVs, like GM's Chevy Volt, built near a factory in Detroit. The earlier rally was linked to Chief Executive Officer Mary Barra's plan to bolster cash flow by canceling production at five plants in the USA and Canada and jettisoning slow-selling sedans from the lineup. More importantly, we must understand that these companies, including GM, are no longer in trouble.

'Everyone just wants to keep working right now and get through this. The United States slapped an additional 25 percent tariff on Chinese-made vehicles earlier this year, prompting China to retaliate.

Trump's incendiary tweet came a short time after National Economic Council director Larry Kudlow said the White House's reaction was "a tremendous amount of disappointment maybe even spilling over into anger".

Jerry Dias, president of the Canadian trade union UNIFOR, said Tuesday that GM's CEO had insulted the president of the United States and prime minister of Canada.

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