On Tuesday Donald Trump opened its cannons at General Motors Co. (NYSE:GM), stating that the firm should be taxed for different versions of the Chevrolet Cruze small car that it imports from Mexico to US dealers.
The Detroit auto manufacturer uses a plant in Lordstown, Ohio, to pull together most of the Cruzes it sells in the US. Various versions, consisting of a hatchback model, are brought to the U.S. from a facility in Ramos Arizpe, Mexico.
Through a tweet on Tuesday morning, Trump stated that General Motors is giving Mexican made model of Chevy Cruze to U S auto dealers-tax free through border. Manufacture r in USA or pay huge border tax! GM reps could not be approached for remarks. GM Chief Executive Mary Barra is a affiliate of Trump’s economic policy team predicted to meet regularly with the president-elect following he takes office. In the past Trump has also been a rep for GM’s Cadillac brand.
As we have learned from Boeing, and Lockheed Martin learned in the past, and today from GM, getting the limelight of President-elect Donald Trump is not essentially boosting news for a firm or its stock holders, almost in the short term.
On the trading floor, shares of General Motors Co. (NYSE:GM) plunged almost 1% following President-elect Donald Trump critiqued the car manufacturer in a tweet.