Yesterday GM announced nearly 15,000 workers will be laid off and that the automotive corporation will close plants and discontinue several car models.
President Trump is not happy about their announcement and tweeted that “we are looking into cutting all GM subsidies.”
Very disappointed with General Motors and their CEO, Mary Barra, for closing plants in Ohio, Michigan and Maryland. Nothing being closed in Mexico & China. The U.S. saved General Motors, and this is the THANKS we get! We are now looking at cutting all @GM subsidies, including….
— Donald J. Trump (@realDonaldTrump) November 27, 2018
….for electric cars. 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!
— Donald J. Trump (@realDonaldTrump) November 27, 2018
After the President’ tweets, GM stocks hit a session low on the NYSE.
BREAKING: GM shares hit session low after President Trump tweets that "we are now looking at cutting all GM subsidies including for electric cars" after company announced 14K+ job cuts and plant closures. https://t.co/jn8limUSe7 pic.twitter.com/Rg7oknGclB
— CNBC Now (@CNBCnow) November 27, 2018