Trump Threatens to Cut All GM Subsidies
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President Donald Trump threatened on Tuesday to cut all General Motors subsidies after the automaker announced thousands of jobs cuts.
"Very disappointed with General Motors and their CEO, Mary Barra, for closing plants in Ohio, Michigan and Maryland," Trump tweeted. "We are now looking at cutting all GM subsidies, including for electric cars."
GM (GM) stock declined 3% and fell to session lows on the comments.
Trump's threat came a day after GM announced plans to cut 14,000 jobs and shut five facilities in North America. GM said the moves are designed to prepare the company for a future of driverless and electric vehicles. GM is also responding to a consumer shift away from sedans in favor of trucks and SUVs.
Source: cnn
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Trump Threatens to Cut All GM Subsidies
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