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Trump threatens 25-percent tariff on imported cars

30 Novembre 2018

On November 26, General Motors announced it was cutting 15 percent of its workforce and closing plants in both countries to save $6 billion.

BMW Group Chairman and CEO Harald Krueger on Tuesday told reporters that his company could consider a second plant in the U.S. It now runs an assembly plant in SC, and will officially open a factory in Mexico next year.

But GM shares fell sharply after Trump's tweets, closing down 2.6 per cent at $36.69.

For instance, GM plans to add hundreds of workers at its pickup truck assembly plant in Flint, Michigan, Morrissey said.

GM, which said it has invested more than $22 billion in US operations since it came out of bankruptcy in 2009, has tried to appease the Trump administration while justifying its decisions. "We've done this to help you and I think his disappointment is, it seems like that they kind of turned his back on him".

OH and much of the rest of the industrial Midwest were vital to President Donald Trump's campaign in 2016 and probably will be again in 2020.

But if Trump scraps the subsidy for all manufacturers to spite GM, it would cause electric cars from other companies to become more expensive - and most likely end up hurting auto manufacturing in the US, Dutta said.

Adam Jones, Morgan Stanley's chief US auto analyst, told CNBC on Thursday that auto prices will climb higher as a result of the trade war.

President Trump has raised the prospect of slapping a 25 percent tariff on imported cars in response to General Motors Co.'s announcement of plant closures this week in a move that would hit key allies such as the European Union and Japan hardest.

"The actions we are taking today continue our transformation to be highly agile, resilient and profitable, while giving us the flexibility to invest in the future", said GM Chairman and CEO Mary Barra in a statement. The president threatened to eliminate tax credits for GM's electric vehicles along with other tax breaks and subsidies. "I am here to protect America's Workers!" "Don't move, don't sell your house", he said. Company officials also said that GM lost $1 billion because of tariffs Trump implemented on foreign goods.

GM on Monday announced it would cut six gas-powered auto models as part of a plan to close factories and cut costs so it can spend more on electric and autonomous vehicle development.

Auto exports from the Port of Charleston - where cars made at the Greer plant are shipped - dived roughly 35% in August compared to the same month in 2017, according to a report from the Charleston Post & Courier. In fact, two such bills have already been introduced in the Senate: one by Corker that would require the White House to secure congressional approval before implementing Section 232 tariffs, and a more moderate measure by Ohio Republican Rob Portman that would establish additional congressional and administrative checks on the president's ability to declare imports a security threat. Drive It Home is also asking community members to light a candle for the plant and use the group's profile frame on Facebook to show their support for workers.

After all, it was not only factory workers who will lose their jobs.

Trump threatens 25-percent tariff on imported cars