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Donald Trump threatened, Tuesday, November 27, "Remove all subsidies" to General Motors, which angered the US president by announcing the removal of thousands of industrial jobs in politically crucial states.
"Very disappointed by General Motors", tweeted the president. "The United States has saved General Motors and here are the THANKS we have! We are looking at the removal of all subsidies, including for electric cars ", he added.
The country's largest automaker responded in a statement that its restructuring was a way to preserve the future for "Keep and grow American jobs". He also recalled having invested $ 22 billion in production in the United States since 2009 and the bailout funded by the US taxpayer.
Donald Trump has not been off the hook since Monday's announcement of the first US automaker to cut thousands of jobs in Ohio, Michigan and Maryland. The billionaire had built his campaign on the promise of the return of industrial jobs in the United States and his surprise victory was obtained largely thanks to the votes in the States where globalization has caused a devastating deindustrialization.
Trump, who is already actively campaigning for his reelection in 2020, will need these votes again. "I'm here to protect American workers! ", he promised on Twitter. His spokesperson, Sarah Sanders, has hit the nail. "The president has fully invested in the return of industrial jobs in the United States, and that is why since he took office we have seen the creation of 400,000 new industrial jobs in the United States.", did she say. "Frankly, this story comes from the fact that they make a car that nobody wants to buy. Hope they will make adjustments and take back those employees "she added.
Cure for slimming
General Motors announced Monday, November 26, a severe weight loss cure, with thousands of job cuts, justifying the announcement by the need to be more competitive in an industry in full revolution.
In total, GM will eliminate, in 2019, 15% of the group's jobs, stopping production at seven sites: one in Canada, four in the United States and two outside North America. It's about saving $ 6 billion by the end of 2020.
Some 12,000 to 13,000 jobs – which GM has not bothered to point out – are concerned in the United States alone, in areas where repeated auto crises have already wreaked havoc. "The steps we take today allow us to continue our transformation to be more agile, resilient and profitable"said the CEO, Mary Barra, who is betting on the all-electric car, the autonomous and connected vehicle, but also on more conventional vehicles like pickups and SUVs, which Americans prefer by far to sedans. Ford has also chosen to focus its efforts on these vehicles that can achieve better margins.
To Texas?
Under the criticism of both the President and the Democratic Opposition, whose leader in the Senate, Chuck Schumer, spoke about "A punch in the belly of workers from Ohio, Michigan and Maryland", GM has denied that it relocated to China models that he abandons manufacturing in the United States to reimport.
The group also pointed out that there was still a lot of presence in Ohio, not only in terms of direct jobs but also work provided to hundreds of subcontractors.
Larry Kudlow, the president's chief economic advisor, said that Mme Barra, whom he met for a long time on Monday, had mentioned "The ability to transfer employees elsewhere in Texas or Michigan".
The announcement of General Motors goes wrong because, for now, the group posts solid profits ($ 2.53 billion in the third quarter). These results, published on October 31, had delighted Wall Street, especially since GM had explained that it had managed to increase the average price of its cars in North America, especially in the United States, where its sales fell by 11% 694,638 units in the third quarter.
The stock falls on the stock market
But the giant Detroit has improved margins, the average price of a vehicle, including large cars (pickups, 4 x 4 city and crossovers), increased $ 800 over a year to 36 000 dollars. On average, it's $ 4,000 more than competitive prices, says GM. Demand was particularly high for the Chevrolet Silverado pickup and the Denali SUV.
The title General Motors fell on the New York Stock Exchange after these statements. The stock dropped nearly 2.8% to $ 36.58 on Wall Street around 9:25 pm, while the S & P-500 moved up 0.16%.
Donald Trump's economic adviser, Larry Kudlow, said on Tuesday that the president could announce specific decisions following the group's announcement of the elimination of approximately 8,000 jobs in North America and the shutdown of production. of his cars that sell the least well. These measures unveiled Monday by the group represent its largest restructuring in North America since its bankruptcy ten years ago.
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