May 29, 2009
GM-UAW Deal to Block Chinese Car Imports
The clock is ticking on GM whose shares dropped a third today to around 75 cents. On Monday it is expected to declare bankruptcy. The failing company has concluded its labor agreement with the United Autoworkers union and as part of the deal GM will not import the Chevy Spark subcompact car from China beginning 2011 as planned (see earlier post here) but reopen a plant in Michigan to build the cars in the USA. So in order to placate certain Congressional districts of GM's soon to be owner the US Government GM and UAW have thus created an overt trade barrier....
Labels: chinese autos, congress, gm
# posted by Sinomania! : 5/29/2009 02:12:00 PM
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