President Trump has GM egg on his face.
He repeatedly promised that the car industry would create more and more jobs in the U.S., thanks to his “magic wand” of aggressive tax and tariff policies. But by announcing the elimination of 14,000 U.S jobs, GM revealed that conjurer tricks are no match for voracious capitalists.
Trump, of course, can never appear to back down. Instead, he is threatening to cut all subsidies to GM like tax credits for electric cars, which are vital to their development and sales. But, it’s doubtful he has the power to match his bluster.