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Trading of GM shares was halted Monday morning after Reuters reported that the automaker planned to halt production at plants in Lordstown, Ohio; Detroit/Hamtramck, Michigan; and Oshawa, Canada, citing company sources.
The Associated Press reported soon after that GM will cut almost 15,000 hourly and salaried jobs in North America and close up to five factories.
News channel WFMJ, the NBC affiliate station in Lordstown, also reported Monday that employees were told that the Ohio plant will close in March 2019.
GM’s expected announcement would be the latest blow to the battered North American auto industry. Major American automakers including GM, Ford and Fiat Chrysler have made significant cuts to their U.S. and Canadian workforces, citing rising costs due to President Trump’s tariffs and long-term declines in sales.
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JUST IN: GM to cut thousands of North American jobs, may close up to five plants https://t.co/vsOYmOq4XJ pic.twitter.com/XO0GnyhtRd
— The Hill (@thehill) November 26, 2018
Not happy about the loss of jobs, but it does give me glee that Trump’s claim his temper tantrum trade wars would bring back manufacturing jobs to the US has just been proven a lie.
Of course, Trump’s fans either won’t notice that he lied or will explain it away.
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