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For the first time since the global financial crisis, car sales are experiencing a sustained slowdown.
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In the last eight years, car sales have grown by an average of 5% per year, but in 2018 that rate is expected to slow to a mere 1.8% over 2017. The Wall Street Journal attributed the shift to global uncertainty over Trump’s trade policies, which are undermining consumer confidence, raising prices on raw materials, and creating new barriers to the import and export of vehicles.
GM reported an 11% sales decline from the third-quarter of 2017. The car maker sold 694,638 cars in this year's third-quarter. Ford reported U.S. sales for the month of September fell 11.2% from the same month last year to 197,404 vehicles. Fiat Chrysler posted higher September sales in the U.S., up 15% year over year, boosted by strong sales of Jeep and Dodge branded products.
White House trade officials reached an agreement with Canada over the weekend to revamp NAFTA. Increased costs as a result of tariffs on both metals and whole vehicles have put pressure on automakers' gross margins.
Of course the automotive industry is part of the everything bubble we are currently in thanks in large part to the interest rate manipulation of the fed reserve. No party lasts forever and there is going to be hangover when its over.
Of course the automotive industry is part of the everything bubble we are currently in thanks in large part to the interest rate manipulation of the fed reserve. No party lasts forever and there is going to be hangover when its over.
Not the tiny increase in the interest rate, but the tariffs that trump imposed. Your post is wrong.
In GM's case, it was putting a bandaid on a bullet wound.
They've had one foot in the grave and the other on a banana peel for a long while now.
Obama's bail out just delayed the inevitable
GM’s financial problems substantially predate Obama. In 2006, GM attempted to obtain federal government financing to support its pension liabilities. It did not get it.
In December, 2008, Bush approved a Federal bridge loan and required modifications to reorganize plan.
In March, 2009 Obama declined to provide financial aid without a better plan. CEO resigned. Eventually, GM came up with a plan and got the financing it required. That was 9 years ago.
No plan can ensure financial solvency in perpetuity.
Well if you could please, highlight the part that substantiates your claim that tax cuts have caused the plant closures. Thanks in advance
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Originally Posted by ChiGeekGuest
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.
It's a choice.
How did you spend yours? This is how they spent theirs.
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