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Following the announcement by General Motors to cut thousands of jobs in North America, US President Donald Trump launches heavy artillery pieces. The Republican on Wednesday threatened the US market leader with the cancellation of the grants. He also announced again a few days before the G20 summit to consider special rights on the import of vehicles from abroad.
The restructuring of the main US manufacturer shows the imbalance of trade at the expense of his country, writes Trump on the Twitter short message service. In the United States, more cars would be built if there was a 25% import duty.
GM's austerity plans are a thorn in Trump's foot as they could jeopardize his reelection in 2020. "The US has saved General Motors and that's what we thank," he said. he wrote on Twitter the day before. The government plans to grant subsidies to the group, such as electric vehicles. Supporters of the Trump camp also expressed GM's wish to repay the state aid with which the group had been rescued ten years before Aus. GM said that they wanted to continue to be present in their home country. In the areas of electromobility and autonomous driving, new jobs would be created.
GM wants to cut up to 15,000 jobs and close several factories
During the election campaign, Trump promised to bring back industrial jobs to the United States and make America "strong". He is now faced with the fact that GM wants to cut up to 15,000 jobs and close several factories. With the savings plans, the automaker wants to release funds to lift the high investments in electric mobility and autonomous cars. In addition, Ford is planning a strategy that could result in a reduction in employment. US manufacturers are investors in the back, the conversion is not progressing fast enough. Volkswagen wants to invest 44 billion euros in the next five years, but does not expect closure but the conversion of factories.
Special rights on cars would particularly affect German automakers exporting their cars to the United States. Porsche has already announced price increases in the case of punitive tariffs imposed by the United States on imports of cars from Europe. "Higher fares should be pbaded on at least in part to our customers in the form of price increases," said Oliver Blume, Porsche CEO, of the "Wirtschaftswoche". Trump was committed to the EU to temporarily relinquish such measures and instead negotiate the removal of trade barriers. According to the economic magazine, citing EU circles, the US government could impose special tariffs on imports of cars from Europe next week. The Department of Finance's investigation report revealed that Trump was recommending a 25% duty on auto imports from all countries, except Canada and Mexico. Exceptions are not planned. Shares of German manufacturers slid after the repeated announcement of Trump's rights Wednesday again in the negative.
Trade dispute with China is bothering automakers
Customs is expected to play an important role at the G-20 meeting on Friday as leaders meet in Buenos Aires, Argentina. Trump is officially considering imposing punitive tariffs on China if a meeting with his Chinese colleague Xi Jingping on Saturday night does not succeed. The dinner at the G20 summit was seen as an opportunity to "reverse the situation" in the trade dispute with the People's Republic, said Trump Economic Adviser Larry Kudlow.
China has raised tariffs on imported cars as part of its trade dispute with the United States, which also affects other automakers. On Tuesday, Trump again threatened to raise tariffs already imposed on Chinese products.
In this tense climate, BMW boss Harald Krüger agreed on conciliatory tones at the Los Angeles Auto Show. The company is testing a second production facility in the United States where engines and transmissions could be manufactured, he told Reuters. "We are in a position where you can think of a second location." It was also a protection against currency turbulence. BMW already has an badembly plant in South Carolina and plans to open a factory in Mexico next year.
One may wonder if, in the middle of a discussion about GM factory closures, a meeting of US government officials with German motorists, apparently initiated by the US ambbadador to Germany, still takes place before the summit of the G20. German automakers and government circles said that there was still no official invitation. According to an insider, the leaders of BMW, VW and Daimler were joined by US Secretary of Commerce Wilbur Ross and Trump's commercial advisor Larry Kudlow. It was planned for the middle of this week. Formally, however, the bargaining power over trading conditions belongs to the European Commission.
(APA / Reuters)
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