White House adviser says Trump may announce GM shutdown consequences

WASHINGTON (Reuters) - White House economic adviser Larry Kudlow on Tuesday indicated President Donald Trump may announce specific ramifications for General Motors Co's (NYSE: GM) plans to cut thousands of jobs and potentially close some of its North America plants.

"I'm going to leave that to him," Kudlow said when asked if Trump has consequences in mind for the major auto maker. "You may find additional announcements coming on that topic."

Kudlow, the National Economic Council director, said that while the White House was disappointed with GM's plans he did not think the shutdowns will affect the overall economy.

GM's actions add up to the biggest restructuring for the U.S. No. 1 carmaker since its bankruptcy a decade ago, and mark a turning point for the North American auto industry. U.S. automakers have enjoyed nearly a decade of prosperity since the 2008-2009 financial crisis and the government bailouts of GM and the former Chrysler Corp.

(Reporting by Roberta Rampton; Writing by Lisa Lambert; Editing by Chizu Nomiyama and Lisa Shumaker)

---

Serious News for Serious Traders! Try StreetInsider.com Premium Free!

---

You May Also Be Interested In

• Duffy: Trump administration will soon announce sharply reduced vehicle fuel economy standards
• Exclusive: U.K. stock market ’approaching irrelevance’, Webull U.K. CEO says
• Exclusive-Chinese shipper COSCO collects intel for Beijing with concealed equipment, US officials say