President Trump has asked federal agencies to find ways to cut subsidies to General Motors after the auto giant announced it's laying off 15% of its salaried workforce and closing factories in Michigan, Ohio, Maryland and Canada, Bloomberg's Justin Sink and Ryan Beene report.
Why it matters: The story signals a potentially wide-ranging effort to punish the auto giant over its planned cuts, one that extends beyond yesterday's buzz about electric vehicle tax credits (which Trump cannot change unilaterally and won't help GM much longer anyway).