File Under Leadership Under President Trump!
When then citizen Trump was on the campaign trail, he promised the American people American companies would stay American and many would move back to the United States. He’s kept that promise. American companies have fled back to America from overseas as the American economy is BOOMING. That being said, President Trump has challenge. Keeping General Motors ( GM ) in the United States and stopping the North American plants from shutting down.
GM announced plans on Monday to cut almost 15,000 jobs and end production from its North American plant. This comes after a decade long struggle to keep the company afloat. If you recall, GM filed for Bankruptcy, and received a handsome bailout of $13.4 Billion. President Bush claimed it was the right thing to do. Now, we know it wasn’t. President Trump isn’t in favor of giving bailouts. He would rather see a company figure out their problems without stealing money from the American people ( Taxes ).
The Wall street Journal Reports:
The moves—affecting plants in Michigan, Ohio and Canada—would reduce GM’s costs by $4.5 billion by the end of 2020 but face protests from autoworker unions.
Despite a strong economy and the company’s healthy profits, GM Chief Executive Mary Barra said she wants to act now to prepare GM to sustain profitability through any downturn while still investing in burgeoning technologies like electric and self-driving vehicles.
“This is what we’re doing to transform the company. The industry is changing very rapidly,” Ms. Barra told reporters Monday. “We think it’s appropriate to get in front of it while the business and the economy are strong.”
Shares of GM rose more than 5% in midday trading Monday, recently moving at $37.89. The company’s stock price has been stuck in the mid-$30s for much of this year, not much higher than its $33 a share IPO price eight years ago.
Americans do not want Electric or Self-Driving cars. General Motors would rather see thousands of people lose their jobs instead of scrapping is electric car program. Self-Driving cars are the future, but they’re not today. Today, Americans are looking for good reliable cars to get them to, and from work.
President Trump Said His Peace
President Trump said GM should open a new plant in Ohio QUICKLY!
— CBS News (@CBSNews) November 26, 2018
Trump told reporters Monday that he spoke to Barra on Sunday night and “was very tough.” He said he urged Barra to keep the Lordstown plant running and promised to put “a lot of pressure” on GM.
“I think you’re going to see something else happen there, but I’m not happy about it,” Trump said departing the White House on Monday for campaign stops in Mississippi. “I have no doubt that in a not too distant future they’ll put something else. They better put something else in.”
Trump also told the Wall Street Journal in a Monday interview that he asked Barra on Sunday to stop making cars in China and that the company “better damn well open a new plant there very quickly.”
“I love Ohio,” Trump said, according to the Journal. “I told them, ‘you’re playing around with the wrong person.’”