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Trump claimed he would magically bring back American automotive jobs.
Instead his disastrous trade war has made things worse. Now Trump is insisting GM “better put something else in” to replace the lost U.S. jobs." What are the chances?
Sound familiar?
Trump demanded Harley Davidson keep their jobs in the United States, but HD took them overseas anyway. Of course, Trump id nothing about it but tweet.
Carrier took the tax breaks and moved those jobs to Mexico anyway.
...
Sounds like fascism. Govt should stay completely out of the marketplace.
Nothing wrong with tax breaks, we should all get them.
Truth be told, GM doesn't benefit from the tax bill to the extent other companies do BECAUSE GM is still writing off losses from the Great Recession.
Further, it appears the decision to close certain plants is also influenced by the tariffs. Corporations can't plan when something as significant as a tariff is an unknown - it's out there, but how bad will it be? Therefore, they will move to countries who will not raise the cost of their products by tariffing raw materials used for that production.
After all, in the end, tariffs will raise prices and, in reality, are a tax on the consumer. Fewer units will be sold as a result as prices rise and/or other areas of the economy will take a hit when dollars diverted to pay the higher cost for tariffed goods.
Trump has taken what should have been another good year for the stock market and business and farmers and completely destroyed the ability to plan ahead for all three. The stock market is tanking for a reason, businesses are not investing in the US, farmers can't plant their fields because they've lost their markets.
A human wrecking ball Trump is - without compare.
^Fantastic post.
When you elect as POTUS a politically inexperienced, narcissistic con-artist, bad things happen.
And you contradict your own post as you state sales have lagged for the past 2 years - well before the tariffs were imposed. Think about it!
For two years I mean 2017, 2018. I should have said the last 22 months -- sorry. Kind of oversold it.
Trump took office in 2017 and started his trade talk chaos to try and make something of nothing.
That's when auto sales started to lag.
2018 Trade talks still a disaster...and they continue to lag.
The following from GM's most recent earnings report, with a big thank you due to the tax reform legislation passed late last year by Republicans in Congress & signed into law by Mr. Trump:
GM Reports Income of $2.5 Billion and EBIT-adjusted of $3.2 Billion
• Strong EPS diluted of $1.75; record third-quarter EPS diluted-adjusted of $1.87.
• Strong results in North America driven by all-new full-size trucks, and crossovers.
• Third-quarter records for GM China equity income and GM Financial EBT; record quarter for GM Financial revenue
Income tax expense includes an adjustment of $157 million in tax benefit in the three and nine months ended September 30, 2018 related to U.S. tax reform and $1.8 billion in the three and nine months ended September 30, 2017 related to the establishment of a valuation allowance on deferred tax assets that will no longer be realizable as a result of the sale of the Opel/Vauxhall Business, partially offset by tax benefits related to tax settlements.
Honestly, why is anyone surprised GM or any other business entity has chosen to eliminate American jobs as a result of record tax breaks as a result of the GOP's tax bill last year?
This is how they do it. Doesn't anyone remember the all out glee demonstrated in passing that legislation?
How did you spend your tax break?
This is how they spent theirs.
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