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IPFS News Link • Trump Administration

General Motors' shares fall after Trump threatens to cut its subsidies as retaliation for layoff

•, Jacob Pramuk

"We are now looking at cutting all @GM subsidies, including ... for electric cars," the president wrote in a pair of tweets.

The automaker's shares fell following the tweets and were down more than 3 percent on Tuesday afternoon, on track for their worst day in a month. In a statement Tuesday, GM said it is "committed to maintaining a strong manufacturing presence in the U.S." and noted that "many of the U.S. workers impacted by [plant closures] will have the opportunity to shift to other GM plants."

"We appreciate the actions this administration has taken on behalf of industry to improve the overall competitiveness of U.S. manufacturing," the company said, without directly addressing Trump's threat to revoke subsidies.

Trump tweets he's looking at cutting all GM subsidies from CNBC.