Trump administration to end renewables subsidies
US economic adviser Larry Kudlow announced that the Trump administration wants to end subsidies for various renewable energy sources and electric cars, according to Reuters.
The statement comes after car manufacturer General Motors announced various plant closures and layoffs, terminating production of its electric car: the Chevy Volt.
Kudlow addressed plans after the news, directing his statement towards the $2,000-7,500 tax credit for consumers who purchase plug-in electric vehicles.
“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,” Kudlow told Reuters.
When he was asked about the timeline of ending the subsidies, Kudlow told Reuters: “It’s just all going to end in the near future. I don’t know whether it will end in 2020 or 2021.”