President Donald Trump indicated on Twitter that he is considering new tariffs on car imports in response to General Motors' decision to close down U.S. factories and fire workers.
“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 percent have been put on small trucks coming into our country,” Trump wrote in a Wednesday morning tweet.
“If we did that with cars coming in, many more cars would be built here.... and G.M. would not be closing their plants in Ohio, Michigan & Maryland,” the president continued in a second tweet.
“Get smart Congress. Also, the countries that send us cars have taken advantage of the U.S. for decades. The President has great power on this issue - Because of the G.M. event, it is being studied now!”
The president’s remarks follow a CNBC article about a report in the German media that Trump is considering placing a 25 percent tariff on car imports from all countries aside from Mexico and Canada.
The president has been particularly angered by GM's announcement this week, as he considers the U.S. economy as a reflection of his presidency, according to The Hill.
The factory closures, combined with a downturn in the stock market and rising interest rates, have caused concern about an economic downturn.
Trump has lashed out and blamed Federal Reserve Chairman Jerome Powell for the bad news, which the president says is due to Powell’s decision to raise interest rates.
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