Trump Issues New Threat in Wake of GM Closures

In the wake of General Motors' restructuring and layoffs, President Trump has followed up his threat to slash GM subsidies with a suggestion of new auto tariffs. If the 25% US tariff on small truck imports was also applied to imported cars, "many more cars would be built here … and G.M. would not be closing their plants in Ohio, Michigan & Maryland," Trump tweeted Wednesday. "The President has great power on this issue - Because of the G.M. event, it is being studied now!" he added. Per Reuters, the US tariff on cars and SUVs imported from outside North America and South Korea is currently 2.5%. Forbes reports it will be increased dramatically "unless concessions from the EU are negotiated before the end of next week." (There was a "surprise" among GM's six discontinued cars.)