Trump Says He Told GM They Should 'Make A Better Car'

28 November, 2018, 03:32 | Author: Corey Lynch
  • General Motors is closing a Canadian plant at the cost of about 2,500 jobs but that is apparently just a piece of a much broader company-wide restructuring that will be announced as early as Monday

"So far President Trump has been asleep at the switch and owes this community an explanation", Ryan said Monday.

"You better get back in there soon - that's Ohio", Trump told reporters Monday, recounting what he said to GM Chief Executive Officer Mary Barra following the job cuts announcement earlier Monday.

"Nothing being closed in Mexico and China".

Trump angrily referred to the 2008 federal auto bailout by adding that "the USA saved General Motors, and this is the THANKS we get!"

"This callous decision by GM to reduce or cease operations in American plants, while opening or increasing production in Mexico and China plants for sales to American consumers, is, in its implementation, profoundly damaging to our American workforce", said UAW vice president Terry Dittes.

Wall Street was clearly tuned in to Trump's response. GM stock declined by over three percent after Mr. Trump's tweet was posted.

When asked whether there's any consideration of taking steps to help the 14,000 workers being laid off, akin to the subsidies for farmers hurt by Chinese tariffs, Kudlow said GM CEO Mary Barra had told him there is talk of shifting at least some of the workers to other plants in Texas or MI. "Don't move, don't sell your house", Trump said as the audience cheered. They will be part of contract talks with the United Auto Workers union next year. I was very tough (with GM leadership).

Signage is displayed on a pedestrian bridge near the General Motors Co. "They better put something else in", Trump said. Wall Street cheered the actions, while U.S. and Canadian leaders expressed outrage. However, after an automaker sells 200,000 electric vehicles, that manufacturer gets phased out of the program over the course of about a year.

"I don't know how I'm going to feed my family", Matt Smith, a worker at the Ontario factory, said Monday outside the plant's south gate, where workers blocked trucks from entering or leaving. But I'm not happy about it.

Noting that their vehicle is not selling well, Trump exuded confidence that soon they will put something else. So they'll put something else - I have no doubt that, in a not-too-distant future, they'll put something else.

But that argument all but evaporated Monday when the company announced that as part of its plan to save US$6 billion by the year 2020, it was also shutting down production at four other USA plants - several of them deep in Rust Belt states that helped elevate Trump to the presidency in 2016.

"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", she said. GM said the cuts will boost automotive free cash flow by $6 billion by the end of 2020 and result in one-time charges of up to $3.8 billion in the fourth quarter of this year and first quarter of 2019. The reduction includes 8,100 white-collar workers, some of whom will take buyouts and others who will be laid off.

While GM, and other auto companies, have spoken out against rising production costs caused by the Trump administration's protectionist tariffs, a spokeswoman for the company told TheBlaze that the layoffs and plant closures "are being made as part of our ongoing transformation and are not related to recent trade or tariff decisions".



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