Donald Trump Threatens Subsidies for General Motors after Closing U.S. Car Plants

US President Donald Trump speaks at American Center for Mobility in Ypsilanti, Michigan with General Motors CEO Mary Barra on March 15, 2017. / AFP PHOTO / Nicholas Kamm (Photo credit should read NICHOLAS KAMM/AFP/Getty Images)
(NICHOLAS KAMM/AFP/Getty Images)

President Donald Trump ripped General Motors CEO Mary Barra for closing car plants in Ohio, Michigan, and Maryland, threatening their government subsidies.

“Nothing being closed in Mexico & China,” Trump wrote on Twitter. “The U.S. saved General Motors, and this is the THANKS we get!”

Trump said he would discuss cutting subsidies for General Motors in response to the news.

“We are now looking at cutting all General Motors subsidies, including for electric cars,” he wrote. The news sent General Motors stock shares into a tailspin, despite earning as much as five percent in trading after the closures were announced on Monday.

Trump scolded General Motors for investing in China and Mexico rather than the United States.

“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,” he wrote. “I am here to protect America’s Workers!”

White House economic adviser Larry Kudlow explained to reporters on Tuesday that Trump and Canadian Prime Minister Justin Trudeau were “disappointed” in the decision — despite the new USMCA trade deal that was reached.

“There is disappointment that it seems like GM would rather build its electric cars in China rather than the United States,” Kudlow said, confirming that the administration was looking into cutting subsidies for the company.

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