Transcript for Trump lashes out on General Motors, stock market
The president is lashing out in a new interview threatening retaliation against general motors for layoffs laying the blame on the man he picked to run the federal reserve. Senior white house correspondent Cecilia Vega here with that. The president scattering fire in every direction these days. He certainly is, scattering fire at his own fed chair but this threat to go after GM's subsidies in retaliation could hit American consumers too. President trump overnight playing the blame game over GM's plant closures and layoffs calling out the federal reserve. The president telling "The Washington post," I'm doing deals and I'm not being accommodated by the fed. They're making a mistake because I have a gut and my gut tells me more sometimes than anybody else's brain can ever tell me. And he's criticizing the very leader he chose to run the fed, Jerome Powell saying, quote, I'm not even a little bit happy with my selection of Jay, not even a little bit. And I'm not blaming anybody, but I'm just telling you, I think that the fed is way off base with what they're doing. And after speaking with the GM CEO. I'm not happy about it. Their car is not selling well. Reporter: The president is delivering a blunt message via tweet saying, the U.S. Saved general motors and this is the thanks we get. We are now looking at cutting all GM subsidies including for electric cars. But it is not that easy. The president needs congress to pass new legislation to end those tax credits. Yeah, and after that threat on Twitter from the president, GM shares plummeted wiping out a chunk of Monday's gains. The president says he wants to help GM but this one right here did not help at all. Thanks very much.
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