GM finance chief Dhivya Suryadevara said higher commodity costs in 2018, reflecting in part the effects of tariffs on steel and aluminum, carved more than $1 billion out of the company’s bottom line last year. She said GM cut costs in other areas to mitigate the impact.
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I’ll never understand people making 100-150k that delude themselves into thinking that punching down is a good strategy. It’s not the people ‘below’ you that are the problem. You aim your angst at them only because you want to believe you’re different. You’re not, you hamster wheel is just slightly elevated.
The increased cost of steel and aluminium will force them shut down all marginally profitable products mostly cars. GM will be a Pickup and SUV only company
I am 100% not a trump supporter, but even I won't lay all of this at his feet.
Maybe we need GM leadership that works with our President instead of against him.
Other OEM's have adjusted, GM just has Trump derangement syndrome.
You are full of it. China investment + Electric vehicle investment both turned sour.
Poor leadership is the reason we have to go thru this again, every rec Is approved by management, they let us add all this jobs after last time in 08/09
1 billion in lost profit can fund 24000 workers.
Price increases for a $33,000 car, increased about $144 as a result of tariffs. Try again, this time with facts..
Such a stupid statement, did you hear that on The View? Steel prices are insignificant compared to the other challenges that GM and other automobile companies are facing.
His Tariffs were a problem, but far from the sole reason for the cuts.
This poster is full of c-ap
Full on globalization and trade-cheat imbalances do NOT best help the US and its people, it helps the rest of the globe and a few well-placed individuals. Having broad markets does not require foolish execution.
The USA nation is the unequalled economic brand in the world, providing the best of what the world needs overall better than the rest. We should govern ourselves accordingly.
People with jobs can buy things made of steel even if the steel costs a little more.
Low cost steel does not help people who can't afford to buy any.
Besides, my MKZ tires were always leaking because of the sh--ty aluminum they got from China
The last few administrations have been just giving manufacturing away and doing absolute zero to stop it. Trump finally put a stop to it. It is going the other way now. If you want to make an omelette, you have to break some eggs. We are absolutely seeing positive benefits.
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It has already been revealed by GM that this layoff is part of a long term strategy. They use the tariffs as a smokescreen.
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The BOOMing employment of the present administration is why people can buy cars, and more and bigger cars.
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The BOOMing employment of the present administration is why you can now find a nice job, along with everybody else.
They wont accept it nationalism scare has n will shrink usa companies. They are megarich today not just cos of the usa economy soley but globalization. What trump is doing is understandable but you know it would hurt.
....and US steel suppliers followed suit and raised their prices to come up to the higher China steel prices. Everyone who buys steel loses.
without the tariffs, most US plants would move to China. U think they aren't planning on moving the white collar work there too? Tariffs pressure global companies to keep US workers. Use your brain. Ford cancelled plans to build a SUV in China and ship to the US, because of the tariffs. The only thing stopping moving jobs out of the US is tariffs and threat of Union's striking the truck plants ( aka money makers).
Tariffs caused the Chinese steel to go up, creating an opening that has allowed the U.S. steel industry to fire back up.
The business tax cuts overwhelmingly cover these increased costs and now more Americans are working.
It is all part of a plan, but these business are just exploiting it at the moment. It is easy to say “Steel Tariffs” and get everyone excited. Nobody mentions that companies are using more American steel.
You're right. It had nothing to do with the junk products. LMAO.
No one said it would be easy. But he did the right thing.
(I didn't vote for Trump...)
and in 2009 it was subprime mortgages that bankrupt the company? Sounds like an excuse and not a "cause".