Trump Threatens to Kill GM’s Subsidies After Layoffs Announcement
President Trump on Tuesday directly threatened to cut off all subsidies to General Motors after the company announced massive layoffs and plant closures. “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!” he tweeted. “We are now looking at cutting all @GM subsidies, including 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!” According to CNBC, within minutes GM’s shares plummeted upon the news that the president was threatening the company.