The tweet escalates Trump’s public threats against GM as he pushes the company to keep the facilities in Ohio, Michigan and Maryland open.
President Donald Trump will consider cutting all subsidies to General Motors after the company announced plans to slash productions at several American plants, he said Tuesday.
«We are now looking at cutting all @GM subsidies, including…. for electric cars,» the president wrote in a pair of tweets.
The automaker’s shares fell following the tweets and were down more than 3.5 percent on Tuesday afternoon, on track for their worst day in a month. The company did not immediately respond to CNBC’s request to comment on Trump’s tweets.
The president escalated his public threats against GM as he pushes the company to keep the facilities in Ohio, Michigan and Maryland open. Trump has repeatedly pressured American companies who consider shutting down facilities or moving operations overseas after he pledged to revive U. S. manufacturing.
«They better damn well open a new plant [in Ohio] very quickly,» Trump told The Wall Street Journal about GM’s decision on Monday. He said he told the company that «you’re playing around with the wrong person.»
On Tuesday, White House press secretary Sarah Huckabee Sanders told reporters that she does not know about a specific timeline for pulling subsidies and stressed that Trump is looking into it.
