In an interview with The Wall Street Journal , Trump said that if negotiations did not produce a favourable outcome for the U.S., he would also put tariffs on the rest of Chinese imports that are now not subject to duties. US light crude was up 33 cents at $51.96. Following Trump's remarks, Apple stock was down almost 2 percent in after-hours trading. Additionally, Trump said that he expects to boost tariffs on $200 billion of Chinese products to 25 percent in January.
GM jumped as much as 7.9 percent to $38.75, the highest since July, as of 11:16 a.m.in NY trading. In person, General Motors chief executive officer Mary Barra is smiling and congenial. GM also said it will close two plants outside North America by the end of 2019. Among the possibilities are the Detroit/Hamtramck assembly plant, which makes the Buick LaCrosse , the Chevrolet Impala and Volt, and the Cadillac CT6, all slow-selling cars.
She is expected to spend the next fortnight travelling the country trying to sell the deal before a parliamentary vote in the second week of December. "Prime Minister I plead with you, the House of Commons has never ever surrendered to anybody and it won't start now". Trump appears to be referring to the section of the deal agreed with Brussels on Sunday that would keep the United Kingdom in a customs union if a trade deal with the EU is not agreed during a two-year transition.
Unlike Japanese automakers Nissan Motor Co Ltd, Honda Motor Co Ltd and Toyota Motor Corp, which rely on a more flexible system where they make multiple vehicles at a single plant, GM has too many factories that make just a single model. But slow-selling sedans will take the cruelest cut, with several models to be killed outright in 2019: The Chevrolet Impala and Cadillac XTS, now built at the Oshawa plant in Ontario.
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The company also said it would stop operating two additional factories outside North America by the end of next year, in addition to a previously announced plant closure in Gunsan, South Korea. The salaried workforce restructuring includes cutting 15 percent of its 54,000 salaried employees in North America, including slashing global executives by 25 percent.