Did Trump Do GM and Ford's Foes A Huge Favor?

It seems he did. Signing the tax cut turned out to be a major boon to some of the world's biggest automakers. Well, not to all of them. Just those who are not based in the U.S. 

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You got this wrong ... the favor is to those who ARE based in the US. GM and Ford, as you said, got hit hard by the new tax rate. Mostly, it hurt GM because, as Bloomberg notes: it "took a $7.3 billion charge in the fourth quarter because the assets it racked up from having reported years of losses in the past are no longer as valuable with the lower U.S. corporate tax rate."

 

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