Trump Threatens to Cut GM Subsidies

President Donald Trump says he’s looking into canceling federal subsidies to General Motors Co. after the carmaker announced plans to close four factories and eliminate about 12,000 jobs in the U.S.

“I am not happy about it,” Trump says of the GM decision. The carmaker insists its restructuring plan aims to ensure the company’s long-term growth and ability to provide jobs.

It isn’t clear what GM subsidies Trump plans to cut. GM does benefit from a program that gives $7,500 tax breaks to buyers of electric cars. But that incentive applies only to the first 200,000 vehicles sold by a given manufacturer, a target GM is expected to reach within months.