WASHINGTON — General Motors’ stock fell more than 3 percent on Tuesday after President Donald Trump tweeted that he would consider pulling General Motors’ subsidies in response to the company’s announcement that it plans to reduce production at several facilities and lay off more than 14,000 people.
“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 president tweeted Tuesday. “The U.S. saved General Motors, and this is the THANKS we get!”
“We are now looking at cutting all @GM subsidies, including for electric cars,” Trump continued. “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!”
The drop in the automaker’s shares represented the company’s worst financial day in more than a month.
In a statement released by it’s corporate office, General Motors said it is “committed to maintaining a strong manufacturing presence in the U.S.” and added 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 the industry to improve the overall competitiveness of U.S. manufacturing,” the company said, without addressing the president’s comments directly.
In an interview with the Wall Street Journal on Monday, Trump pressured the company to keep the Ohio, Michigan, and Maryland facilities open and warned it against moving operations overseas.
“They better damn well open a new plant [in Ohio] very quickly,” Trump told the Journal. He said he told the company that “you’re playing around with the wrong person.”
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