General Motors has an obligation to move plants established in China back to America, especially after being rescued in a massive US bailout during the Obama administration, President Donald Trump said in a Twitter message on Friday
WASHINGTON (Pakistan Point News / Sputnik - 30th August, 2019) General Motors has an obligation to move plants established in China back to America, especially after being rescued in a massive US bailout during the Obama administration, President Donald Trump said in a Twitter message on Friday."They [General Motors] moved major plants to China, BEFORE I CAME INTO OFFICE," Trump said. "This was done despite the saving help given them by the USA. Now they should start moving back to America again?"
Trump also said General Motors is now one of the smallest auto manufacturers in Detroit, a sharp about-face from the company's historical position as the "Giant of Detroit."
Beginning in late 2008, the US government spent in $50 billion to bail out General Motors from bankruptcy by purchasing a majority of the company's stock. The bailout had bipartisan support in the US Congress.
The United States ultimately lost about $11 billion in the deal after completing the sale of government-owned General Motors stock five years later.
Friday's Tweet was not the first time Trump has raised the issue, saying in November 2018 that General Motors should pay back the $11 billion if the company does not want to make cars in the United States.
General Motors has 11 joint ventures and two wholly owned foreign enterprises, and more than 58,000 employees in China. In 2018, General Motors sold more than 3.6 million cars in China under the nameplates Buick, Cadillac, Chevrolet, Baojun and Wuling.
