Trump pushes for more auto tariffs

Trump promised to fix tax law to save GM jobs in U.S. Democratic Sen. Sherrod Brown says

President Donald Trump retweeted a supporter's call for General Motors to repay billions to the federal government it received as part of last decade's auto industry bailout.

"If we did that with cars coming in, many more cars would be built here", Trump said, "and G.M. would not be closing their plants in Ohio, Michigan & Maryland".

"The US saved General Motors, and this is the THANKS we get!"

Trump boasted on Twitter Wednesday that Steel Dynamics, based in Fort Wayne, Indiana, was opening a new plant in the Southwest, creating 600 jobs.

GM shares closed down 2.6 percent at $36.69 in NY trading on Tuesday.

"They underscored their concerns for the workers, for the communities and for the families that are affected by this decision", a senior Canadian official told reporters.

Following Trump's tweets on Tuesday afternoon, a person familiar with GM's financials told CNN Business that the only federal government subsidy GM now receives is a tax credit up to $7,500 for each electric auto it sells.

Numerous job cuts would affect the Midwest, the politically crucial region where the president promised a manufacturing rebirth. Kudlow, who met with Barra on Monday, said Trump felt betrayed by GM.

The president also said other countries sending their cars to the US have been taking advantage of the situation for decades. "We've done this to help you and I think his disappointment is, it seems like they kind of turned their back on him".

A White House rebuke to GM would fly in the face of long-held Republican opposition to picking winners in the marketplace.

Rep. Tim Ryan and Rep. Marcy Kaptur are expected to urge GM to reverse course and ask President Donald Trump to act. It's not clear precisely what, or when, action may be taken.

In response, Trump could try to make it more economically viable for GM to continue to produce cars or other vehicles in the United States to stem the layoffs and prevent further losses.

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"The president's not one to take a lot of responsibility for his own issues, problems", Brown told CNN's John Berman. The closures will cost over 14,000 people their jobs.

GM's announcement left manufacturing cities reeling.

'We're just trying to lift spirits and that what all this (the vigil) is all about'.

"GM is committed to maintaining a strong manufacturing presence in the USA, as evidenced by our more than $22 billion investments in US operations since 2009", the company said in a statement, referring to the year of its government-backed bankruptcy. GM then started offering buyouts to 18,000 workers, before moving on to the plant closures announced this week.

Before GM can shutter factories next year in Michigan, Ohio and Ontario, Canada, it must reach agreement with the United Auto Workers union.

GM is committed to maintaining a strong manufacturing presence in the US, as evidenced by our more than $22 billion investments in USA operations since 2009. Before the GM layoffs, automakers were on pace to add roughly 9,000 jobs this year.

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.

Brown has said he repeatedly tried to get GM to keep the plant open in recent months. GM will stop production at the Lordstown, Ohio, and Hamtramck, Mich., assembly plants. He also said he had told GM CEO Mary Barra to open up a new facility in OH and stop making cars in China. The United States slapped an additional 25 percent tariff on Chinese-made vehicles earlier this year, prompting China to retaliate.

BMW builds more cars in its USA factory than it sells in the United States.

The reductions could amount to as much as 8 percent of GM's global workforce of 180,000 employees.

In his latest attack, Mr Trump pointed to the 25% duty on imported pickup trucks and commercial vans from markets outside North America as supporting the industry.

Companies subject to Trump's attacks typically have been reluctant to respond directly, but industry groups like the Business Roundtable have frequently criticised the administration's trade policies for damaging USA competitiveness and raising costs. It found that households earning more than $50,000 per year claimed 99 percent of the credits.

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