Trump plans to end subsidies for electric cars, renewable energy
White House economic adviser Larry Kudlow said Monday that plans were in the works to scrap subsidies for electric cars and other renewable energy items, Reuters reported.
Mr. Kudlow, director of the president’s National Economic Council, said the subsidies could end as soon as 2020. It is part of the administration’s response to General Motors closing plants and cutting jobs in the U.S.
President Trump last week threatened to end electric car subsidies after GM announced five plant closings four in the U.S. and one in Canada as it cuts domestic production of sedans.
The punishment would have limited impact on GM, however, because the automaker is on pace to sell too many electric cars to qualify for subsidies.
Mr. Kudlow said the rollback of subsidies would also include “renewables.”