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Published On: Wed, Nov 28th, 2018

GM announces job cut, downsizing; Trump tweets and the stocks plummet

The stock market responded after President Trump’s latest comments about General Motors’ plan to close five U.S. plants and layoff over 14,000 U.S. and Canada-based employees. After Trump threatened to end “all GM subsidies” Tuesday, shares for the company fell quickly.

“Very disappointed with General Motors and their CEO, Mary Barra, for closing plants in Ohio, Michigan and Maryland,” Trump tweeted Tuesday. “Nothing being closed in Mexico & China. 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. 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!”

Wall Street responded.

“The automaker’s shares fell following the tweets and were down more than 3 percent on Tuesday afternoon, on track for their worst day in a month,” CNBC reports.

GM’s 15% downsizing of its workforce will impact some 14,800 jobs in the U.S. and Canada and shut down five U.S.-based plants in Detroit and Warren, Michigan, Warren, Ohio, and White Marsh, Maryland.

photo/ donkeyhotey

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About the Author

- Writer and Co-Founder of The Global Dispatch, Brandon has been covering news, offering commentary for years, beginning professionally in 2003 on Crazed Fanboy before expanding into other blogs and sites. Appearing on several radio shows, Brandon has hosted Dispatch Radio, written his first novel (The Rise of the Templar) and completed the three years Global University program in Ministerial Studies to be a pastor. To Contact Brandon email [email protected] ATTN: BRANDON

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  1. Patricia Neeley says:

    Why couldn’t they shut down the other two and really gave our people their jobs? Greed?

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