what does this action by gm say? >> certainly, it's disappointing to see that gm decided to lay off these workers. the president's been extremely committed to bringing manufacturing jobs back to the united states, which is why since he took office we've seen 400,000 new manufacturing jobs created in the united states. it's because of his policies that we've seen that growth. this is not about the president. this is about the fact that they're making a car, frankly, that people don't want to buy. hopefully, they will make adjustments and bring those workers back. >> sarah, back to paul manafort and the special counsel's office saying he's violating the terms of his plea agreement by lying to investigators. would the president recommend mr. manafort begin to cooperate, offer full cooperation to the special counsel's office? >> we can only speak to what our role is in the process. not only has the president, but the entire administration, has been fully cooperative with the special counsel's office, providing hours and

. >> reporter: sarah, back to gm. president trump early on in january 2017 met with the big three automakers and said we wanted to make the u.s. a more attractive places for companies to manufacture products, lowering taxes and business regulations. what does this move, this action by gm say? >> certainly it's disappointing to see that gm decided to lay off these workers. the president's been extremely committed to bringing manufacturing jobs back to the united states, which is why since he's took office we've seen 400,000 new manufacturing jobs created in the united states. it's because of his policies that we've seen that grow. this is not about the president. it's about the fact that they're making a car, frankly, that people don't want to buy. hopefully they will make adjustments and make changes and bring those workers back. >> reporter: getting back to paul manafort, would the president recommend that mr. manafort given to cooperate, offer full cooperation to the special counsel's office? >> we can only speak to

so, again, holiday season layoffs from gm, brutal. brutal all right? very disappointing will it affect the overall economy? i don't think so i do not think so. yes. >> yeah. back to the question of the tariffs. if these talks with president xi go nowhere and we move forward with this escalation of the tariffs that you just described which correct me if i'm wrong would be the biggest addition of tariffs that we've seen in our lifetime, what will the impact be on the u.s. economy i mean -- >> it's a long period of time you mentioned. my lifetime. >> you have been a committed free trader for almost all of those years so what will be the impact on the u.s. economy if we see tariffs go up to the degree that you just described? >> you know, we'll see what happens, okay? i don't want to presuppose anything the president is going to make up his mind after the meeting. but i will say this, our economy is in very good shape right now and when you multiply through whatever numbers you want to use, $250 billion or tack on another tranche which may or may not happe

gm, we heard from the trump administration on gm. the stock down 2 1/2%. the administration saying you will shut down factories. you will wipe out thousands of jobs. maybe the government takes away subsidies. gm with a statement late this afternoon saying look, many workers at plants affected by the production hold will have the opportunity to shift to other gm plants. they also says that the auto maker is committed to maintaining strong presence in the united states. a little bit after comeback from gm to the admin -- administration. connell: gary kaltbaum joins us from kaltbaum capital management where he is president, also a fox news contributor. john lonski from moody's, where he is managing director and chief economist. gary, i have no doubt that larry kudlow's comments turned the market around today but i thought edward lawrence in his report used the correct sound bites. you wonder what the reaction should be heading into the g20? what i mean by that kudlow said, yeah, we could have a deal but only if we solve critical issues, forced transfer of tec

driving factorfor gm. tariffs introduced by the trump administration on imported steel, a key material in the production of cars, have cost the carmaker $1 billion. us president donald trump said he spoke with general motors ceo of mary barr on the phone. well we don't like it, i believe they will be opening up something else, and i was very tough, i spoke with her when i heard they were closing and i said this country has done a lot for general motors, you better get back in soon, that 0hio, motors, you better get back in soon, that ohio, and you better get back in soon. bringing back american manufacturing was a focal point president trump's campaign. a move like this makes it very hard for his administration to claim these jobs are indeed coming back. that was samir hussein in new york. sophie kilvert is senior investment manager at seven investment management and shejoins me now. good morning. hugejobs going. radical action on the part of general motors. but perhaps this is a company that is having to

this question of the plant idling and so forth, what does gm owe the country now >> gm owes the country doing its best to compete. obviously if gm developed better products and had done a better job, they wouldn't have to do this that's something we can regret if gm ostriches, doesn't contain costs, beand turns into a ge, that's not going to do its shareholders any good, it's not going to do its workers any good, and it's not going to do america any good so, in general, companies that have more capacity than there is demand for their products can't ostrich with respect to that reality. and i think responsible of the presidents of the united states don't demand that they do that is this the time gm should be giving big executive bonuses no if they are, it's deplorable is it a time gm should be engaging in a big increase in imports? no and if they are, that's problematic as well. at least as this was presented it was in response to very substantial excess capacity relative to what the demand for their products was we can wish that they had better products and so there was more demand we c

it is a gm move. they are in an industry that is changing fundamentally they are trying to adapt to that it doesn't necessarily reflect the broader economy. it is a gm specific thing. >> it will be one of the many companies watching the g20 and side meetings. >> the effects of tariffs alone, they small it's the unintended consequences it has a real price to it. the clollateral damage, the second largest in the world, it could actually over time end up in recession it does worry me. they released an article today arguing even if a pause button is hit it really will only be a pause because the political situation between the u.s. and china is so that we can't come to a deal that will really mean something to both countries that will be a good compromise for both countries it is something to keep in mind is that it means continued uncertainty going forward. it is a lack of investment as good as this economy is we are not seeing strong investment numbers. they flat lined in the last quarter. it is not spe

he said he's going to punish gm. or is this just something we've seen before, there are ways the government does mess around with the market a little bit? >> the tricky thing is anything they try to do to punish gm would also punish the broader auto sector and cause more problems across the united states. it's not that they could punish gm in ways that don't have lots of ripple effects. but you're right. gm is used to having wall street on their case and unions. now they have the president and his twitter account as well. >> has it hurt steel companies and others? >> it has. that's supply. that's an additional cost. we'll see what the president does with auto costs, which in theory would help. the auto industry including u.s. automakers don't want to see it. >> it's a story t ntinue to see. neil irwin, thank you so much. >>> a california businessman is opening his heart and wallet to a high schoko teachers and students. he gave $1,000 to each, which totaled more than $1 million. jamie yuccas said the man contributing

doesn't gm know? >> gm knows it very well and that's part of the problem, gm has been stuck on the edicts coming from the government, president obama pushing electric cars, she's saying she's going to close down some of the plants in ohio to open up other plants that make electric cars and some of those plants are in china. that is really infuriating president trump, the fact that gm may close down plants in ohio to open plants in china. we should mention of course, ohio was won by president trump in the 2016 election. it's unlikely or it would be very difficult for him to win reelection in 2020 without ohio so there's a lot of politicking going on, he's lying to the crowds in ohio but these are real workers who will be losing their jobs, about 1600 workers in one town alone there which has already lost -- >> harris: can i ask you this? one of the things the president in the white house said is that he made promises and he's keeping his promises. when you give the kind of money and tax breaks these co

a clear threat to gm. i'm old enough to remember another president threatening private business and conservatives were up in arms. so, too, is my 6-year-old. why are conservatives now okay with the republican president threatening private business? what are the politics of this? >> too often where people stand on the issue depends on who is taking that stance. right now, the republican party, including most republicans and conservatives are following the president. they believe he is the right messenger. they believe he has the best interests of the couple tntry a heart. people can disagree, but that is the thinking of the republican base. what we are seeing so far is the typical reaction from the president as gm makes the announcement and he berates gm on twitter and public appearances. we will see gm was ready for this and ready for the pr hit. we will see how long that lasts. if they don't change tactics, you will see the president blame someone or something else or say it would be worse if he hadn't be

all of a sudden gm says it can move workers to other factories. i don't understand how mercedes can suddenly retool it existing car plants to make electric vehicles. if they can do it, well, why can't the others? come back soon, we love having you on. >>> coming up, we've got details on how the media botched the coverage of the tear gas used at the border. they didn't cover its use under the obama administration. we've got the numbers coming up. >>> plus, a new house hearing is expected in a couple of weeks on the justice the president's probe into pay to play at the clinton foundation after new data shows toe nations there plummeting after hillary lost. >>> and the cdc now confirming 116 cases of polio-like paralysis in the united states. more on that with doc siegel coming up next. stay there. ♪ ♪ ♪ the greatest wish of all... is one that brings us together. the lincoln wish list event is here. sign and drive off in a new lincoln with $0 down, $0 due at signing, and a complimentary first month's payment. only at your lincoln dealer. and a

we are looking at cutting all gm subsidies including for electric cars. general motors made a big china bet years ago when they built plants there in mexico. don't think that that is going to pay off. i'm here to protect america's workers." buyers of gm made electric cars get $7500 in tax credits, a subsidy that goes away after 200,000 are sold. if a provision general motors is lobbied to extend. as for moving production outside of the u.s. the automaker fired back saying gm is committed to maintaining a strong manufacturing presence in the u.s., adding many of the u.s. workers impacted by these actions will have the opportunity to shift to other gm plants. general motors announced plans to cut over 14,000 jobs in north america and that shut factories in three u.s. states including in ohio. job that president trump vowed to keep on that campaign trail. >> what we don't need is more rhetoric from the president who has made a whole lot of promises. but unfortunately failed to deliver for these workers. >> shares fell after his tweets as some investors said

vonnie: we have some news now on gm. gm accepted. allocating products to a simply plants in ohio and michigan. this is according to a reuters report. reuters citing sources familiar with the matter.once again the to stop production at plants in ohio and michigan. not affecting the stock just yet. it is up 2% right now 45 minutes into the open. this is bloomberg. ♪ live from london, i'm guy johnson. vonnie: from new york, i'm vonnie quinn. this is "bloomberg markets." with unprecedented wealth coming over a ten-year economic run, the world has changed pretty dramatically. guests.oined now by our definitely $38 billion in assets under management, jim. i understand one of the averages is $78 million with a floor of $50 million, correct? jim: that's right. vonnie: let's kick it off with the idea we are in an unprecedented bull run and have had a lot of wealth created. what is the primary goal your clients have with all this wealth when they come to you? jim: well, let me set this up a little bit. i think without it downing, we have thr

could gm be bullied in any sense? >> well, it will be a -- not a pleasant conversation, i don't think. but i think you have to step back and look at this. obviously it is a big deal both financially and politically. financially this gm management team has shown itself to be quite adept at getting -- tackling problems before they become crises. so let's look at examples. they got out of russia before the economy really got a lot worse and also they sold opal in europe that should have happened about is a years ago but the previous management was not willing to step up and do that. so this management team has done those things the pain here is not falling only on blue-collar workers, by the way, but because gm don't forget, has announced it will cut the executive ranks by 25% and the overall white-collar ranks by about 15% so gm sees a slowdown in global automotive demand on america and the china front. on the political front say the tariffs that trump put on to help the steel industry have had a negative impact on gene

worrych does gm have to about tariff action? >> what trump is threatening so far, gm does not have much to worry about. the first thing he threatened was cutting the eb credits. it is not clear he can do that. gm is already running out of those credits which give buyers $7,500 per vehicle. tariffs, trump has already made his case with nafta that he is not going to change the tariffs all that much. he already cut a deal with mexico and canada. gm doesn't bring up in much from other countries so there isn't much you can do there. the biggest pull he might have is that gm sells a lot of vehicles to the government. if they were to cut purchases there to put pressure on them, i could do something although it is not a huge amount of money to general motors. i think we can see gm allocate one product to one of the plants. he does not have a lot of leverage in terms of things he can cut from gm. he wants to boost mining and hydrocarbons and the sales of cars that use those. >> true. thing about this is the credits themselves, the whole

he is now threatening to take away gm's subsidies. i know you have ties to gm -- what is your reaction to that? do you agree with penalizing the company? >> i will say this to you. we need to get a far better understanding of what gm is up to. i don't like what i'm hearing that they will move production to another country. we need to understand what they are benefitting from. they want things that other companies don't want. this company has done something that nobody else has done. republicans and democrats united. this has to be the most thoroughly disliked company in washington, d.c. right now. i have always said that i will work with the president. it helps the working men and women of my district i will work with him. i want facts. >> you're saying you support the president's threat to take away subsidies from gm if you learn that the jobs are going outside the country? >> that is correct. we need to be supporting companies through creating jobs here. i don't like the way general motors handled this. the other companies are deali

gm defended its decision. ina in a statement they said they plan to position the company for long—term success and maintain and grow americanjobs. many of us workers impacted by these actions would be able to shift to other gm plants. shares in general motors soared when it announced the plan. donald trump's threats were enough to send the stock lower after his tweets. when it comes to brexit, the economic impact of leaving the eu has been one of the most fiercely contested issues. brexiteers argue that the uk will be more prosperous outside the eu, while remainers contend the opposite is true. and today the bank of england weighs in with its view, when it reveals the strength of the uk's biggest banks ahead of brexit. the last time the bank published its financial stability report was six months ago, and it gave the uk's financial instiutions a positive review, saying that apart from those related to brexit, domestic risks remain standard overall. the pound has fluctuated in that time against the us dollar

go do you think gm gets away with this and moves forward and does business as usual? >> unless you will get a law changing in congress and very unlikely with the split, this will sort of go away but this is the president mo, if i were sitting in his chair i would not be happy with gm either because those were big ugly headlines, gm cutting 15,000 jobs, that's not the messaging he wants in this economy right now. cheryl: tom, we will certainly keep talking about this until we get a decision, tom, appreciate it. >> thank you. lauren: jay powell still a punching back for president trump, trump telling washington post he's not little bit happy with powell's performance, does this public criticism impacts the fed's decisions, craig, chief economist and joins us now, hey, craig, good morning. >> hey, good morning. lauren: you think the fed is listening to or influenced by the president? >> you know i don't think they are listening too much to him, obviously they pay attention, they will address it but one of their main objectives and has been since 1951 to remain independen

gm, ford has a lot of debt and so does gm. the people just can't afford to registration and now with interest rates going up, even then, they had a low interest rate and cannot afford car payments. the standard of living just isn't -- can support all this. cycle is going to be a hard fall when all these things come and on the market to resell the other part of the story is when you buy a new car, the evaluation of the car. stillonomy, we are in -- not in enough money to increase the velocity of money. that is my opinion. host: how much do you blame gm? turned ourying gm back on them when we need them the most. caller: they would have to ramada kate -- allocate a product line. the products being bought or leased, those are high cost .ehicles in mr. ryan's area, they are sedans and people do not want them now. that could change if gas prices jumped. vehicle have a bigger at the same price they were paying for a sedan. they allocate another product line, it will not be a big -- good story for them. gm.: more on this is on the bac

of gm's jobs in ameri america. just a thought. we can only hope the board of directors will take up soon. be sure to vote in the poll. do you think this statement quote we don't see anything specific on the horizon is an adequate explanation for killing 15000 jobs. cast your vote on twitter at lou dobbs. follow me on twitter, like me a facebook and follow me on instagram. i'm next, the trump administration criticizes russia for seizing ships. plus, much more the special elections run mississippi. local columnist dan gardner tells us what the inside word in the great state of mississippi. will come right back. stay with us. grudge by raising your rates over one mistake. you hear that, karen? liberty mutual doesn't hold grudges. how mature of them! for drivers with accident forgiveness, liberty mutual won't raise their rates because of their first accident. liberty mutual insurance. liberty. liberty. liberty. liberty. ♪ i am not for just treating my symptoms... (ah-choo) i am for shortening colds when i'm sick. wit

of gm's jobs in ameri america. just a thought. we can only hope the board of directors will take up soon. be sure to vote in the poll. do you think this statement quote we don't see anything specific on the horizon is an adequate explanation for killing 15000 jobs. cast your vote on twitter at lou dobbs. follow me on twitter, like me a facebook and follow me on instagram. i'm next, the trump administration criticizes russia for seizing ships. plus, much more the special elections run mississippi. local columnist dan gardner local columnist dan gardner tells us what the inside word ♪ ♪ put your data to work on the cloud that drives business. the ibm cloud. the cloud for smarter business. the ibm cloud. unstopand it's strengthenedting place, the by xfi pods,gateway. which plug in to extend the wifi even farther, past anything that stands in its way. ...well almost anything. leave no room behind with xfi pods. simple. easy. awesome. click or visit a retail store today. it's a revolution in sleep. the new sleep num

five gm plants are on the chopping block. nikole killion has more. >> reporter: news dropped on gm employees who were just coming back from the thanksgiving holiday. >> i've been here 28 years. i've been through a closure in scarborough. i've been through a closure in london. i moved my family twice for this company. and they do this to me. it's terrible. >> reporter: the company's faced slumping sales due to six underperforming sedans. so gm plans to stop making them by the end of next year. idling plants in ohio, michigan, maryland, and ontario, canada. it will cost nearly 6,000 factory employees and 8,000 salaried workers their jobs. gm's ceo mary barra says it will allow them to focus on what americans want, suvs and trucks and autonomous vehicles. the cuts are the largest since it was bailed out during thetuate crisis and comes as steel tariffs imposed by the trump administration have cost the automaker $1 billion. gm's ceo was here at the white house monday. later when speaking with reporters, president trump made it cl

of gm's jobs in ameri america. just a thought. we can only hope the board of directors will take up soon. be sure to vote in the poll. do you think this statement quote we don't see anything specific on the horizon is an adequate explanation for killing 15000 jobs. cast your vote on twitter at lou dobbs. follow me on twitter, like me a facebook and follow me on instagram. i'm next, the trump administration criticizes russia for seizing ships. plus, much more the special elections run mississippi. local columnist dan gardner tells us what the inside word if you love them enough to re-learn math so you can teach them math, then surely you'll check nhtsa.gov/therightseat to make sure they're correctly buckled in the back seat. >> ukraine declaring martial law after the president warned there is a serious threat of an internal russia ground operation against the government of ukraine. this comes a day after russian ships fired upon and sees three ukrainian naval ships. nikki haley called the russian aggressive arroganc

labor contract with gm expires next year. gm does not want a union strike. the white house said it will give a waiver to save jobs for other companies. what do you say, edward? >> at gm cars haven't been selling as well as ford. labor unions and lawmakers have always been at odds. gm did not have a good deal for their investors. isn't it funny how some of these decisions bring political opponents together. i mention all of them supporting president trump to get back into ohio. president trump said he'll pressure gm to bring those jobs back to ohio. he says the told the ceo to get back into ohio. this is part of the pressure to get g new york reconsider closing seven plants. president trump: i spoke with her and i said' this one country has done a lot for gm. reporter: four factories in the u.s. and four in canada could be closed. it shocked ohio senator rob portman. >> general notes has let down those workers who have done so much for general motors. what i said several months ago to gm in meetings with their ceo and their executive is we need another produc

what does this action by gm say? >> certainly disappointing to see that gm decided to lay off these workers. the president has been extremely committed to bringing manufacturing jobs back to the united states, which is why since he took office we've seen 400,000 new manufacturing jobs created in the united states. it is because of his policies that we've seen it grow. this is not about the president. it is about the fact that they're making a car frankly that people don't want to buy. and hopefully they will make adjustments and make changes and bring those workers back. reporter: sarah, getting back to paul manafort and special counsel's office say he is violating the plea agreement by lying to investigators, would the president recommend that mr. manafort begin to cooperate, offer full cooperation to the special counsel's office? >> we can only speak to what our role is in that process. an not only has the president but the entire administration has been fully cooperative with the special counsel's as, providing ho

is gm the canary for the economy? or is all of this just a press trying to talk down a trump economy? >> i think where real conundrum for the business in the market. i think we will have the biggest christmas of all time. with consumer confidence at an 18 year low. almost no one claim, wages are great. it will probably be for me the best christmas of all time. the question is, what happens next year? i think most of us see a slowdown occurring. certainly a global slowdown and is this the last hurrah? it could be for a while the tax cuts to millis will probably play out, and you have a rising rate environment. i think we are do for a slowdown. >> i think john has that exactly right.i do not think that gm is necessarily a canary in the coal mine, nor do i think having a good retail size and i think john is right we will see a terrific christmas. i do not think that is any kind of proof that we will stick with this great economy. i always like to say this, we are always heading into a recession. it is just a question of

. >>> the president and his new threat against gm. after general motors announces its cutting thousands of jobs in ohio, michigan and maryland, what the president is now warning unless gm changes course. does he have the power to do it? >>> the new and alarming numbers tonight. the faces of the children coming down with what seems like the common cold, but it can lead to partial paralysis. the polio-like illness, and where they're seeing cases now. >>> three american service members killed. an ied blowing up their armored vehicle. the deadliest day in afghanistan this year, and just months after our own team was with troops as they discovered one of those ieds. >>> the video just out tonight, the pit bull attack in a school. several young students injured. the first responders and the teacher who helped stop it from getting worse. >>> and the american, the first time he ever went hang gliding, but the instructor forgot to attach the safety harness. tonight, that american describing hanging on for dear life. >>> good evening. and it's

i'm disappointed in gm's decision. i came from the automotive industry where i worked before coming to congress. i know making high-quality products with a high level of, high standard of work ethic, training and experience, that is in the dna of the people there at lordstown, just outside of youngstown. i'm very disappointed in gm's response to this i understand they have got, they have got market issues. they have got a product there that is manufactured in lordsdown no longer has consumer confidence. nobody wants to buy it. boy, gm is making a very, very flawed decision i believe in overlooking the value of that very, very capable, strong workforce that occurs there in youngstown. charles: if you had the opportunity to speak with gm ceo mary barra, what would be the compromise solution? >> well the compromise solution find a product to put in there. these people have been building automobiles since 1966. for the last 52 plus years, they turned out high-quality gm products. so they know how to do it. why would you th

i understand gm is specific. but if companies making decisions costing jobs and factories for business sense and you have the aurg of the president laying above it that's a problem. >> that's my concern. >> but he has done this with a bunch much companies opinion and they are not lasting effects. there has been bluster. >> this is the most tangible threat in terms of tariffs on the industry and also take away subsidies. the other one is jaw boning we can get a better price it wasn't we are taking something away. >> the without trump was the stock traded from 45 in june down to 30 it bounced but we are off the $45 price. what brings it back? i don't see it. >> bach surgings on the earnings report we tell what you wall street says about the report. plus bitcoin breaking above 4,000. could this be the lifeav sing rally. a top hedge fund manager is here to weigh in. more "fast money" right after this. if you're turning 65, you're probably learning about medicare and supplemental insurance. medicare is great, but it d

gm repaid those loans. the steel tariffs have cost the auto making $1 billion. >> those jobs that left ohio -- >> reporter: the cuts are a setback for president trump who made this promise in ohio last year. >> we're going to get those jobs coming back and fill up those factories or rip them down and build new ones. >> reporter: before any plants can close, gm must reach a deal with the autoworkers union. >> we call on gm today just as they called on all of us over a decade ago. please save our american jobs. >> reporter: lawmakers and the trump administration are pledging to pressure gm to keep the plants open and repurchase them and to give affected workers opportunities to apply for other jobs at gm. ford made a similar move in deciding to drop most of its se sedans, that will happen by 2022, john. >> in the face of this backlash, why did mary barra decide to make these cuts? >> the marketplace is changing and so is the demand for vehicles. autonomous vehicles are coming on the market here potentially in

. >> more than 14,000 jobs gone, at gm how will other automakers react to pressure from the president? to make those cars here in the good old us of a fbn:am starts right now. ♪ good morning it is 5:01 a.m. in new york november 27th i'm lauren simonetti. >> good morning everybody i'm cheryl casone. cheryl: we've got breaking news this morning to bring to you trade tensions are intensifying washington and beijing. president trump in an interview with "the wall street journal" said he expects to move ahead with raising tariffs on 200 billion dollars of chinese goods to 25% from the current 10% come january first. this, of course, is the president gets set to meet with xi jinping at the g20 summit this week. lauren: slammed at a rally in mississippi. when they charge us to tariff we judge them a tariff now. okay we make a car send to china there's a 25% tax. they make a car send it to us there's almost no tax, oak. lauren: market moved higher on this news pane chinese foreign ministry says both sides work to a positive swrowt outcome siting with news of that we saw futures go from red

you know, gm used this word that was a little confusing. they said that they were essentially stopping production of the chevy cruise and not shuttering the plant. that means that there is hope here that perhaps the company could start production of another vehicle, a better selling vehicle in this plant. so there's a lot of optimism but it's guarded optimism because this community is still reeling from layoffs not just now but in 2017 and earlier this year in 2018. this community has lost a massive amount of manufacturing jobs, and that continues seemingly unabated. it doesn't seem like trump's policies are really addressing the fundamental problem that gm is facing right now. >> devastating for schools. i'm so glad you pointed out parents and funding and school and classroom sizes. this all is affected by these sorts of decisions. in the snow, in lordstown, ohio, thank you. >> coming up next, the final vote of the 2018 midterms. thousands of people in mississippi going to the polls to decide a racially charged senate contest. and an updat

it would hit gm. history to cut gm's subsidies, it is unclear how he would just go after general motors and up on his other carmakers as well there is a proposal out there to let that phase out or veto it if congress would try to put in the budget. it's the only way to stop that if it was to go forward. emily: automakers are reacting to all of this, including the the lack ofand clarity on what the president actually means. take a listen to this from volkswagen ceo north america we think even the conversation of tariffs and trade wars and these debates bring instability and unknowns the lack of stability and unknowns is not a good thing for business. we believe in free trade. we believe in fair trade. we believe in an open marketplace. we make investments that are 10, 12, 15-year cycles. you cannot have the chess pieces moving all the time. emily: one thing we can be sure of now is that there is uncertainty cast into this at asian. how will that impact not just g.m., but tesla, nissan and others and vo

the president and his new threat against gm. after general motors announces its cutting thousands of jobs in ohio, michigan and maryland, what the president is now warning unless gm changes course. does he have the power to do it? >>> the terrifying moments as an apartment complex goes up in flames. more than 100 firefighters responding. many going door-to-door to get families out. then the may day call. firefighters trapped. >>> the scare at water reed medical center. the emergency alert that went out. authorities racing to the scene, guns drawn. >>> the new and alarming numbers tonight. the faces of the children coming down with what seems like the common cold but it can lead to partial paralysis. the polio-like illness, and where they're seeing cases now. >>> three american service members killed. and ied blowing up their armored vehicle. the deadliest day in afghanistan this year, and just months after our own team was with troops as they discovered one of those ieds. >>> the video just out tonight, the pit bull attack in a

thanks for being with us >>> look at shares of gm today, up better than 6%. best day since the last day of october on news of layoffs, shuttered plants, some models discontinued more on that with bob lutz in a few moments. >>> look at major averages stocks off the worst black friday performance in years, and dow holding on to gains of better than 300 points there's a lot to love about medicare. there's also a lot to know. part a that's your hospital coverage, part b is all the doctor stuff... the most important thing to know? medicare doesn't pay for everything. and guess what that means... yep...you're on the hook for the rest. that's why it's important to consider an aarp medicare supplement insurance plan, insured by unitedhealthcare insurance company. a plan like this helps pay for some of what medicare doesn't. so you could end up paying less out of your own pocket. that's nice. and these are the only medicare supplement plans endorsed by aarp. selected for meeting their high standards of quality and service. it feels good to have someone looking out for

president trump said he may stop subsidies for gm electric vehicles. let's talk about gm. they are going through a fundamental transformation. they have got tesla breathing down their neck. what you make of automotive's? sarah: you have had to work for years where they have been pushing out all the stops. you have drawn for demand. there was this long story about the death of the internal combustion engine and we are going to move to electric. you are going to move but not as quick as people expect. those technology changes take a long time. we do not have the infrastructure to support them yet. though these things together. a lot of them bought stock at a time when it looks like things were going to stay good and i you have that period where you have to invest a lot of money because you need technologies. you need them and you are in a place where the consumer is tapped out on the automotive site because you have had that strong sales. that is a tough place. alix: how do you play it? do you look for the tech companies these guys are going to want to buy? opportunitiesre i

gm says the tariffs cost them a billion dollars, one billion dollars. that is just gm. ford told the president, the u.s. has highest cost steel in the nation. because of tariffs. the market is mixed today. but look at stocks at 52-week lows. look where the trend is down. steel stocks, neil, alcoa, ak steel. if tariffs are helping the companies why are they all at 52-week lows? neil: president said he had a phone conversation with mary barra, the executive at gm. that he was not happy. what she would do to open a new plant or do something about this. what do you think she does? >> well you know, that it is worrisome, neil. you have very often as we saw during the obama administration, businesses trying to do what is best for their shareholders, trying to make money but influence from government. the chevy volt and the chevy cruze the best example. obama called the chevy cruze the car of the future six years ago. they're literally pulling the plug on it today. an ideal system, neil, ideal of society, you would have anticipate race between the government and economy. not p

why gm is ending production. >> it's the news they've been fearing for months, the local gm plant will effectively shut down early next year. >> i felt like somebody kicked me in the stomach. i've been working here for a long time. >> reporter: it's equally painful. >> nobody told us anything. there's people in there balling their eyes out. >> i've ner seen anythin like it and we stopped the line and we're leaving. >> h ort is pumping o my chest right now, but i've been here 13 years, you got to take a stand at some point. >> the three gm plantsio in detroit, and oswa, ontario, or thosers have been building models like the chevy cruise and i am be models that haven't been lling. >> there just isn't a market for it. if you look across thboard at ford, chrysler, general motors, people just aren't buying the cars. >> reporter: gm ceo says the cuts will keep her company lean and agile and also help the company's bottom line. but it doesn't sit well with president trump who has repeatedly promised to protect and add manufacturing jobs in states like ohio. >> i was very tough. i spoke withhe

gm is defending its business ventures. on the other side is president trump year he's not happy with gm from especially the job cuts in ohio that helped him win the oval office. he's threatening to cut subsidies. it's a fight that pits political interest against financial interests feared starr with gm side of the argument. the chevy crew the chevy cruz, chevy and paula and the bolts are not selling well, so they want to close a plant that makes them. doing that was a $4.6 billion every year. gm altaba money into more profitable truck and suv production, which is now 75% of sales. they've got to stay competitive. they've got a card. president trump sees it very differently. 10 years ago tax years about general motors. the government poured in billions. now they're making money. show some gratitude and i doubt you. we will look at ending subsidies. of course the president is particularly upset the gm is cutting thousands of jobs in ohio. candidate trump had pledged to support manufacturing in that state. so here's the argum

. >> gm is telling the associated press to slash more than 14,000 jobs. gm could close up to five factories. >> you are looking at plants where they primarily build sedans, small cars that are not selling anymore. >> hundreds of central america migrants rushed the border trying to climb the fence and the officers fired teargas to push them back. >> the agents were being assaulted. large group rushed the area and they were throwing rocks and bottles at my men and women. >> they were chanting, waving a honduran flag and throwing rocks. >> they did breach a wall on the mexican side to get closer and doesn't look like a whole lot of them made it into the u.s. the border patrol is confirming 42 individuals were apprehended on the u.s. side. >> the president tweeting about the crisis writing mexico should move the flag waving migrants many of whom are stone cold criminals back to their countries. do it by plane, do it by bus, do it any way you want. but they are not coming into the u.s. >> we don't want to be in cage or the prison. >> you saw an escalation wher

gm is follong that path. and all of these plants that are closing are plants that have just a single shift where these passenger cds are made. >> people feel angry and blindsided there. all companies, gm included, got a massive tax cut earlier this year, and part of the promise is, hey, we are going to plow it back into the companies. >> not only did they get tax cut. gm cade ago people bailed out of bankruptcy. people are really angry. in gm's defense, it would sayat we are going to invest in our company, but we are going to invest in different types of vehicles. autonomous vehicles, electric battery vehicles. they say they will be investing, just not in these passenger cars. >> we will see what that means, if anything, for the workers who lost theirjobs. thank you. >>> also breaking overnight former trumpampaign chairman paul manafort is being accused by prosecutors of breaking his plea agreement and lying to the fbi. pete williams is on this story this morning. pete, good morning. >> it's a big surprise be

tell me about those back when the gm plant was built. >> well, the history of the gm plant itself is a troubled one, really. it involved the destruction, the complete bulldozing of a neighborhood in detroit. hamtramck is surrounded by the city of detroit. our borders are porous. so you can stand on one foot in detroit and one foot in hamtramck. but what happened in the early 1980s is gm offered the city of detroit and hamtramck a deal, and it involved the complete bulldozing of a neighborhood, thousands of homes, businesses, hospital, churches, to clear the land so that gm could build a kind of suburban style plant. >> reporter: so the neighborhood is gone. now the plant is gone. is there -- >> well, the plant is not gone yet. you know, we're not sure, of course, what the final outcome will be. >> reporter: but you still have hope? >> well, hope, you know, call it what you will. i have faith in the resilience of our city. >> reporter: faith in the resilience of the city. the people here, the people that built this restaurant, the people that worked in that plant. chris, back to you.

gm will no longer make those cars. the production will be shutdown. the president said erahe raised concerns with barra and he is not happy. >> i was tough. i spoke with her when i heard they were closing. i said this country has done a lot for gm. you better get back in there soon. that's ohio. we have a lot of pressure on them. >> despite all of this, at the rally in mississippi, the president said the administration has found the magic wand for manufacturing. >> the previous administration said manufacturing is never coming back. it's gone. you need a magic wand. well, we found the magic wand. that's actually -- that's actually going to be increasing by a lot. we have a lot of companies moving in. >> gm will close three plants outside of north america. one in south korea had been previously announced. dave, what is important here, this is a company hiring. hiring tech and software engineers. >> in san francisco. >> one economist said this is not about power trains, but this is about autonomous vehicles and electric vehicles and the future. it is te

what has happened here, what's been announced by gm is part of a global lemming by gm. they spun off their productive system to peugot. the kreismt off every -- ceo ta the lordstown plant. there still could be room for that plant to come back, but the fact of the matter is, cars and trucks are being sold and purchased less and less across the world as folks shift to autonomous vehicles and ridesharing. applications for driver's licenses are way down. this is not just a trend in america, but a global trend. >> you're absolutely right, but it does go to the heart of the president's promises and claims about manufacturing, and the ability to bring back this kind of manufacturing back to the u.s. i wonder what he thinking. >> just on win point on that, this is 2017, since being in office, added about 500,000 manufacturing jobs to the economy. the economy continues to grow despite closures like this. there are roughly 7 million unfilled jobs in america right now, that are trying to match up skill sets with openings and workers. the unemployment is at all-time record lows. th

gm in youngstown pays a 21% tax rate. gm in mexico pay as 1s a 10.5% rate. so the president is saying you get a 50% off coupon on your taxes. >> so you are for the corporate tax cut? >> no, no, i didn't say is that. i'm saying that the 21% that they pay in the united statesis. i'm saying that the 21% that they pay in the united statess . i'm saying that the 21% that they pay in the united states t. i'm saying that the 21% that they pay in the united states

first a bailout in 2008, gm saved from bankruptcy by u.s. taxpayers and then new north american trade agreement. the president said today, the u.s. saved general motors and this is the thanks we get. chuck schumer called the news a gut punch to american workers and politically critical state in ohio and michigan. >> president trump promised the people we won't lose one auto plant. warren, michigan. that is one of the plants is slated to close. >> reporter: gm explains the move in necessary to position the company for long term success and maintain and grow american jobs. many of the u.s. workers impacted, will have the opportunity to shift to other gm plants. the statement did not mention the trump administration's tariffs on chinese steel and aluminum. gm reported they would cost the company about a billion dollars this year. president trump is preparing to take his threat of even more tariffs in his trade war with china to the g20 summit in argentina where he'll go head to head with the chinese president xi jinping. it will be the first ti

. >> president making another threat to auto industry, spurred on by massive layoffs at gm. latest details on that, and how auto executive are reacting live from l.a. auto show, next. >> we want you to keep an a on, a live look at washington president participating in national christmas tree lighting ceremony. the tree will be lit this hour, we'll take you there as soon as it happens, stay with us. but some give their clients cookie cutter portfolios. fisher investments tailors portfolios to your goals and needs. some only call when they have something to sell. fisher calls regularly so you stay informed. and while some advisors are happy to earn commissions whether you do well or not. fisher investments fees are structured so we do better when you do better. maybe that's why most of our clients come from other money managers. fisher investments. clearly better money management. david: president hinting at new auto tariffs in wake of announcement of plan closures and gm layoffs, saying that reason that small truck is much a favorite, tariffs of 25% have been put on small tru

have been cratering for gm and the rest of the industry. part toplan on gm's make some drastic changes to its north american production footprint to make more as uv's and trucks and get right before a downturn. nowtalking about doing this while it is still a healthy potentiald avoiding a for a further slumping of sales in the u.s. and china, which we have seen in recent months. i was about to ask you that question about the economic cycle. is there a hint she believes this is as good as it gets in terms of demand stories. will demand get more difficult going forth? she is hinting at that. craig: the u.s., it is easy to say the facts are be -- the fact is behind us. in 2016 we saw sales peak. sales have been ok in the u.s. market, and historically speaking, very strong. they will finish the year north of 17 million. that is a strong showing for the market. it is not a disaster we are seeing in the u.s.. in the past, we have seen this be a cyclical industry and it is hard to believe the market is going to be able to sustain that momentum when

this color clearly caught gm by surprise when gm announced it would build the chevy blazer in mexico, president trump stayed silent. >> is there any vehicle that they have that you could imagine could get repurposed into one of these facilities in some kind of agreement or cooperative, something, so that president will trump will be happy and mary barra will be happy >> i think with lordstown it's difficult. that's an older plant designed for smaller cars, so to build a new suv would have to spend a lot of money to retool the paint shop and factory you could see something going in detroit, they have other facilities in ohio they could add investments to, add jobs but it's not over. these plants are moving to no production status. other plants reopened years later. this is not going to end until the end of next year and i think there will be pressure >> what kind of reception is mary barra getting from others in washington? i imagine they have their lobbying groups in full effect i'm surprised they're not trying to move on other republicans and conservatives to actually speak out again