President Donald Trump will consider cutting all subsidies to General Motors after the company announced plans to slash production at several American plants, he said Tuesday.

"We are now looking at cutting all @GM subsidies, including ... for electric cars," the president wrote in a pair of tweets.

Trump tweet

The automaker's shares fell following the tweets and were down more than 3 percent on Tuesday afternoon, on track for their worst day in a month. In a statement Tuesday, GM said it is "committed to maintaining a strong manufacturing presence in the U.S." and noted that "many of the U.S. workers impacted by [plant closures] will have the opportunity to shift to other GM plants."

"We appreciate the actions this administration has taken on behalf of industry to improve the overall competitiveness of U.S. manufacturing," the company said, without directly addressing Trump's threat to revoke subsidies.

The president escalated his public threats against GM as he pushes the company to keep the facilities in Ohio, Michigan and Maryland open. Trump has repeatedly pressured American companies who consider shutting down facilities or moving operations overseas after he pledged to revive U.S. manufacturing.

"They better damn well open a new plant [in Ohio] very quickly," Trump told The Wall Street Journal about GM's decision on Monday. He said he told the company that "you're playing around with the wrong person."