All subsidies for electric cars will be ceased


Larry Kudlow, economic adviser to the White House, said yesterday that the Trump administration wants to put an end to all subsidies for electric cars and other vehicles on renewable energy sources. That reports news agency Reuters.

President Trump threatened to withdraw all subsidies for General Motors last week. The reason was the news that GM wants to scrap 14,000 jobs in the US and Canada, and five factories have to close their doors. “I am here to protect America’s workers,” he tweeted. If GM does not bind, the president wants to withdraw the tax benefit of $ 7,500 that the owners of an electric GM model. American buyers of a ‘green’ Tesla or GM have already made grateful use of it. Car manufacturers want to extend that measure, but now the Trump administration wants the reverse.

“We want to put an end to all these subsidies,” Kudlow said. “And by the way, we want to end all subsidies that were started during the Obama administration,” he continued. “For that we aim for 2020 or 2021.”

Experts say that the White House can not unilaterally change the scheme. Kudlow made it clear that any changes would not only affect GM. “I think you can do that legally,” he said. Reuters also considers it unlikely that Trump’s plans will become a reality as the Democrats have the majority in the House of Representatives since January.

By: Lesley Woutersen

Lesley Woutersen, one of the co-founders of the EconomicInform gives away all of his free time to the project. He is interested in stock exchange and digital assets. Lesley can be reached by

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