President Donald Trump is expected to announce that the U.”s automakers will get a $10 billion loan to help build and sell more vehicles, according to a senior administration official.
The announcement is expected on Tuesday.
The U.s. government, which has been in the midst of an economic downturn and in the process of restructuring, has been seeking $1.5 trillion in funding to revive the auto industry.
In April, the Trump administration said it was planning to give the U.$s bailout to GM, Chrysler and Ford.
The president, who has been critical of U. s auto industry, is expected Tuesday to announce a $100 billion bailout package for the U.-s auto industry that will be the largest such package ever to come out of Washington.
The White House has said that the loan, which would be a $20 billion infusion of taxpayer money, would be contingent on a turnaround of U-s auto production, with the goal of making the sector more competitive than the U.’s rivals.
Trump has been vocal about his displeasure with the auto sector during his first term.
In May, he threatened to cancel the loan to GM because of the automaker’s failure to keep up with demand for its vehicles.
Trump, who recently ordered a new federal auto inspection and safety program, has also called for a federal bailout of the auto and truck makers.
Earlier this year, Trump announced the creation of a new department to oversee the auto business, which is designed to provide incentives to automakers to increase production and hire more workers.
On Thursday, Trump will announce the administration will invest $1 billion in two Michigan auto plants that produce high-end SUVs and pickup trucks.
Trump also will announce plans to invest $100 million to expand a U. and a Tractor Industries plant in South Carolina that makes tractors for construction and other applications.
Follow the president’s announcement here: https://twitter.com/realDonaldTrump/status/814272578175870656