After it be long opposed the White House has indicated that it was now tap into the 700 billion dollar rescue plan for banks (Tarp) to prevent a collapse of the entire sector.
Democratic leaders and major unions had called the car the government will divest its place in a few weeks to give emergency assistance to the three giants of Detroit, General Motors, Ford and Chrysler.
If they do not receive aid quickly, two of them, General Motors and Ford, are directly threatened by bankruptcy, analysts emphasize.
The failure Thursday evening in the Senate plan of $ 14 billion concocted by the Bush administration and Democrats has been the effect of a damper on the markets in the world.
Manufacturers have been heckled and Toyota, the world has lost a tenth of its value.
Suppliers have also been affected: The Finnish tire manufacturer Nokian and the first global manufacturer of airbags and seatbelts Autoliv have lowered their targets and a source told Reuters that the German manufacturer Continental could be forced to restructure its debt.
The statements by the spokespersons of the White House and Treasury Department suggesting that the U.S. administration was ready to grant assistance to manufacturers last minute, however, have enabled Wall Street to limit its losses. European stock exchanges have, they ended down but above their lowest in the day.
Around 17:00, the Ford back into the green and earned 7% while General Motors reduced its losses.
GM REDUCES ITS PRODUCTION STILL
"Given the current weakness of the U.S. economy, we will explore other options, including the use of the plan Tarp, to prevent the bankruptcy of manufacturers in difficulty", said on Friday journalists spokesman for the White House, Dana Perino, aboard the presidential plane Air Force One.
A spokesman for the U.S. Treasury has also stated that the government was ready to give manufacturers emergency financial assistance until Congress meets again in January.
Polls show that Americans are divided over granting an official automotive sector while the country is in recession. Manufacturers ensure that in ten jobs in the United States is linked to the automotive sector.
The president-elect Barack Obama, who will take office on January 20, said he was disappointed by the Senate rejection of the plan of assistance and expressed the hope that the sector could benefit from transitional assistance.
Of the $ 350 billion Tarp of the Department of Treasury is authorized to use only 15 billion have not yet been affected.
GM announced in the day a further reduction of its production, bringing the total reduction of its capacity to 60% over the same period last year due to falling demand.
The decline in consumer spending is far from the only affect auto sector. The U.S. Department of Commerce announced Friday that retail sales had registered their fifth consecutive monthly drop in the U.S. in November, as gasoline marking a record decline.
In this context of crisis, negotiations on trade liberalization have been somewhat sidelined the concerns of governments and the Director General of the World Trade Organization (WTO), Pascal Lamy, has preferred to abandon the calling of a ministerial meeting before the end of the year.
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