Trump says auto tariffs ‘being studied’ after GM plant closings

U.S. Sen. Sherrod Brown on election night

BMW offered its own response to the president's tweet, confirming only that they "are considering building an engine plant in the U.S".

"The reason that the small truck business in the U.S.is such a go to favorite is that, for many years, Tariffs of 25% have been put on small trucks coming into our country".

While the decision to close the plants appears more related to the industry trends and consumer demand, experts told Business Insider that Trump's tariffs on steel and aluminum - which GM says have helped drive up its costs by $1 billion this year - most likely accelerated GM's timeframe.

When contacted by Fortune, GM did not comment on the president's threat or indicate whether it receives federal subsidies.

Trudeau and Trump - who have been at loggerheads for months - are expected to meet at the G20 summit in Argentina at the end of the week.

While his latest comments mark an escalation in frustration over GM's restructuring plan, the administration has always been considering imposing new tariffs on vehicle imports.

Shares of GM rose 0.7 percent to $36.95.

In response, Trump could try to make it more economically viable for GM to continue to produce cars or other vehicles in the USA to stem the layoffs and prevent further losses.

The president also said other countries sending their cars to the us have been taking advantage of the situation for decades.

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GM has been lobbying Congress, along with Tesla Inc, to lift the current cap on electric vehicles eligible for tax credits, but any action by Congress before 2019 is a long shot, congressional aides said.

In an example of "what's good for investors isn't good for workers", GM's stock increased after the announcement of layoffs and factory closings.

He explained his administration has great power on this issue and is now studying the situation due to General Motor's recent plans to close some of their plants in the U.S.

GM on Monday announced it would cut six gas-powered auto models as part of a plan to close factories and cut costs so it can spend more on electric and autonomous vehicle development.

Before GM can shutter factories next year in Michigan, Ohio and Ontario, Canada, it must reach agreement with the United Auto Workers union.

"The actions we are taking today continue our transformation to be highly agile, resilient and profitable, while giving us the flexibility to invest in the future", said GM Chairman and CEO Mary Barra in a statement.

The company responded to Trump saying it remains "committed to maintaining a strong manufacturing presence in the U.S., as evidenced by our more than $22 billion investments in United States operations since 2009".

'Everyone just wants to keep working right now and get through this. But it later negotiated concessions from the union and reopened the plant to build the Chevrolet Sonic subcompact vehicle.

Trump's incendiary tweet came a short time after National Economic Council director Larry Kudlow said the White House's reaction was "a tremendous amount of disappointment maybe even spilling over into anger".

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