General Motors (NYSE:GM) shares began Tuesday in positive country. The auto giant informed employees and dealers for its China export business on Thursday in China that it would stop shipping vehicles to China from the United States, the company said.
The move comes as the United States and China continue discussions on tariffs and other trade issues.
GM imported vehicles to China from the United States through its Durant Guild premium import business, which represented less than 0.1% of the volume it sells in China, according to a company spokesperson.
“Due to significant changes to economic conditions, we have decided to restructure The Durant Guild and correspondingly optimize GM China’s operations,” the spokesperson said in a statement.
Goods imported into China from the United States faced tariffs of more than 100% before the two countries agreed to lower the levies for 90 days.
In April, GM’s rival Ford Motor (NYSE:F) halted its exports to China.
GM was also in the news this week with word that the company is redesigning its GM Rewards™ loyalty program and announcing the launch of the GM Rewards™ Mastercard® from Barclays US Consumer Bank. The revamped loyalty program is simpler, and the new card provides customers more ways to earn and redeem GM Rewards points across GM brands for new vehicles, services, parts and accessories.
GM shares gained 20 cents to $50.23.
