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President Trump speaks with General Motors CEO Mary Barra during a meeting with automobile industry leaders at the White House in 2017. Photo: Saul Loeb/AFP via Getty Images

President Trump told the Wall Street Journal that he urged General Motors to stop making cars in China and open a new plant in Ohio to replace the one the company is planning to close. Trump later echoed those remarks while speaking with reporters on his way to a Mississippi rally:

"I was very tough. I spoke with [GM's CEO Mary Barra] when I heard they were closing and I said, 'This country has done a lot for General Motors and you better get back [to Ohio] soon.' ... I have no doubt in a not-too-distant future [GM] will put something else in."
— President Trump speaking with reporters on Monday

Why it matters: At a 2017 Ohio rally, Trump promised residents that manufacturing jobs would be returning to the state, telling the crowd: "Don't move. Don't sell your house." But on Monday, GM announced that it plans to cut 15% of its salaried workforce (roughly 14,700 people) in North America and idle factories in Michigan, Ohio, Maryland and Canada.

Go deeper

Companies deploy tech to prevent retail crime

Customers in a Home Depot in Pleasanton, California, in February 2021. Photo: David Paul Morris/Bloomberg via Getty Images

Retailers have a new edge for fighting theft: They're using technology to disable stolen goods — from iPhones to Black & Decker drills — and render them useless.

Why it matters: Organized retail crime has a considerable affect on retailers every year, costing them an average of $719,000 per $1 billion dollars in sales, according to estimates from the National Retail Federation.

Dan Primack, author of Pro Rata
32 mins ago - Podcasts

Spotify CEO Daniel Ek does a podcast on the future of podcasts

Spotify on Wednesday reported significant ad revenue growth from its podcast business, as part of its quarterly earnings disclosure.

Take a listen: Company founder and CEO Daniel Ek appeared on the Axios Re:Cap podcast to discuss how the podcast business model is changing, why he's spending big on exclusive shows and his personal favorites in both podcasting and music.

Updated 1 hour ago - Politics & Policy

Bipartisan group reaches agreement on $1.2 trillion "hard" infrastructure bill

Sens. Mitt Romney (R-Utah) and Mark Warner (D-Va.) Photo: Bill Clark/CQ-Roll Call, Inc via Getty Images.

After weeks of long nights and endless Zoom calls, a bipartisan group of senators finally reached a deal on "the major issues" in their $1.2 trillion "hard" infrastructure package, GOP senators involved in the talks announced Wednesday.

Why it matters: It could be days before the group finishes writing the bill, but the Senate can begin debating the legislation in earnest now that they have resolved the outstanding issues. The bill needs 60 votes to advance in the Senate.