October 17, 2019, 23:36

Trump ‘Very Disappointed’ With GM Closing Plants, Looking at Cutting Subsidies

Trump ‘Very Disappointed’ With GM Closing Plants, Looking at Cutting Subsidies

WASHINGTON (Sputnik) – President Donald Trump in a statement on Tuesday said the administration is looking into cutting all US government subsidies provided to General Motors (GM) over the automaker’s decision to close several plants in the United States while leaving facilities open in Mexico and China.

On Monday, General Motors announced that it will reduce its workforce in North America by 15 percent and close five of its production facilities by the end of 2020. Some 15,000 workers will be laid off as a result of the decision.

“Very disappointed with General Motors and their CEO, Mary Barra, for closing plants in Ohio, Michigan and Maryland. Nothing being closed in Mexico & China,” Trump said in a tweet. “The US saved General Motors, and this is the THANKS we get! We are now looking at cutting all @GM subsidies, including for electric cars.”

Trump also said he is here to protect American workers and believes GM’s gamble on China and Mexico will not pay off.

READ MORE: General Motors Shuts Down Three North American Assembly Plants, Cuts 14,000 Jobs

In Monday’s statement, GM said it made the decision because of a decline in car sales. The move is expected to bring in more than $6 billion in additional annual cash flow by the end of 2020, including $4 billion in cost cuts and $1.5 billion in reduced capital expenditures, the release added.

GM isn’t the only automaker trying to restructure itself for the future. Previously, Ford also announced plans to eliminate thousands of jobs, according to NBC. The second-largest domestic automaker had already scrubbed plans for a second assembly line in Mexico last year due to declining passenger car sales.

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