Plants Close as Economy Grows — Trump Slams GM

U.S. President Donald Trump speaks before pardoning the National Thanksgiving Turkey ‘Peas,’ in the Rose Garden at the White House in Washington DC. on Tuesday

President Donald Trump is saying he's "very disappointed" in General Motors closing plants - and he says the White House is "looking at cutting all subsidies" for the auto giant.

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

U.S. Senator Sherrod Brown wants Congress to move on his "American Cars, American Jobs Act" which would end tax cuts for companies that move overseas and put that revenue into incentives for customers to buy American-made cars.

"If we did that with cars coming in, many more cars would be built here and G.M. would not be closing their plants in Ohio, Michigan & Maryland".

His tweet continued: "Big Steel is opening and renovating plants all over the country". BMW hasn't announced a new USA plant, but Chairman Harald Kruger did tell reporters at the Los Angeles Auto Show this week that the company is exploring whether to build an engine plant in the U.S.to support its North American operations, according to reports.

But those expansions aren't enough to accommodate all of the roughly 3,300 USA factory workers who could lose their jobs.

THE FACTS: Automakers have been steadily hiring since 2010 when Barack Obama was president.

"You can't place all of the blame on Donald Trump, but he individually raised the stakes because he promised workers he was the only one who could save the manufacturing base", Cohen said.

"The US auto and parts industries would shed 1.9% of their labor force", the study added. 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".

Shares of GM rose 0.7 percent to $36.95.

While his latest comments mark an escalation in frustration over GM's restructuring plan, the administration has always been considering imposing new tariffs on vehicle imports.

Yet tariffs collected in the latest fiscal year ended September 30 rose by less than $7 billion from fiscal 2017, according to the Treasury. Automakers were on pace before the GM layoffs to add 8,660 jobs this year. The plant already employs 10,000 workers. "I said, 'You know, this country has done a lot for General Motors". Crosstown rival Ford Motor Co.is just starting to restructure its white-collar workforce, and thousands are expected to be let go by the middle of next year.

"We have talked for the past few years about an engine plant to support our North American production and sales and we are now again investigating this option", BMW said in a statement. The pickup tariff, which also applies to work vans, has remained and has been a major contributor to USA -automaker dominance in the domestic pickup market. It is expanding its existing U.S. assembly plant and is due to open another assembly plant in Mexico next year.

Underlining the tough conditions about United States imposing tariff rate on Beijing, Larry Kudlow further said, "China should change its practices and come into the community of responsible trading nations".

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