White House seeks to end subsidies for electric cars, renewables

White House economic adviser Larry Kudlow said the Trump administration wants to end subsidies for electric cars and other items, including renewable energy sources. Asked about plans after General Motors Co announced U.S. plant closings and layoffs, Kudlow pointed to the $2,500-to-$7,500 tax credit for consumers who buy plug-in electric vehicles, including those made by GM, under federal law.

“As a matter of our policy, we want to end all of those subsidies,” Kudlow said. “And by the way, other subsidies that were imposed during the Obama administration, we are ending, whether it’s for renewables and so forth.”

Asked about a timeline, he said: “It’s just all going to end in the near future. I don’t know whether it will end in 2020 or 2021.”

Source: https://www.reuters.com/