President Trump Fires Back at General Motors

Shares of General Motors were in the red as President Trump fired back at the company for announcing layoffs on Monday. GM had said on Monday that it would lay off over 14,000 people as it cuts production at several of its facilities.

The president tweeted, “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….”

“We are now looking at cutting all @GM subsidies, including … for electric cars,” President Trump also wrote on Twitter.

GM said it is “committed to maintaining a strong manufacturing presence in the U.S.” and noted that “many of
the U.S. workers impacted by [plant closures] will have the opportunity to shift to other GM plants.”

“We appreciate the actions this administration has taken on behalf of industry to improve the overall competitiveness of U.S. manufacturing,” the company said.

“They better damn well open a new plant [in Ohio] very quickly,” Trump remarked to the Wall Street Journal.
He also said to the company “you’re playing around with the wrong person.”

Disclaimer: We have no position in General Motors Company (NYSE: GM) and have not been compensated for this article.