Saturday , October 1 2022

Trump hit GM stock to prove a point before 2020


Tthe only purpose of President Trump's threat against General Motors ("Now we look at cutting off all @GM subsidies, including electric cars") was supposed to send a signal to his supporters in the states that will be affected.

When Trump targeted the car maker Tuesday on Twitter, the GM stock fell immediately by nearly 4%, though it dragged back in the next few hours.

GM said on Monday that it cut its 15% wage and shut down several factories in North America, including Ohio and Michigan, to prepare for future changes in the market.

Trump, campaigning largely on a promise to revive US jobs, won both states in the 2016 elections.

CNN, quoting an unnamed person "familiar with the matter," reported that it can not even be a hold of the current government for Trump to stop.

But the threat was not so much a blow to getting GM to reverse the course immediately because it was a throwback back to the Trump campaign theme that American workers are getting shafted.

"Very disappointed by General Motors and their CEO, Mary Barra, for closing factories in Ohio, Michigan and Maryland," he said in his tweet. "Nothing has been locked in Mexico and China. The United States has saved General Motors, and this is the SUCCESS we are receiving!"

GM has given no indication that he has changed his mind, saying only in a statement: "We appreciate the actions that this administration has taken on behalf of the industry to improve the overall competitiveness of US production"

But the conflict reminds Trump supporters of why they chose him, and that was the point.

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