Trump threatens to cut GM subsidies. Here’s the real story
New York (CNN Business) President Donald Trump threatened on Tuesday to cut all General Motors subsidies after the automaker announced thousands of jobs cuts.
“Very disappointed with General Motors and their CEO, Mary Barra, for closing plants in Ohio, Michigan and Maryland,” Trump tweeted. “We are now looking at cutting all @GM subsidies, including for electric cars.”
GM (GM) stock declined as much as 3.8% on the comments. GM closed 2.6% lower, wiping out a chunk of Monday’s gains.
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