GM has lost much of the gains from Wall Street’s initial enthusiasm for a $6 billion cost-cutting plan as President Trump pressures the automaker to change course on factory closings and layoffs.

Shares in the Detroit-based company fell as much as 4 percent to $36.17 in two days of New York trading as Trump threatened tax breaks for electric vehicles, which Chief Executive Officer Mary Barra sees as a linchpin of future sales, and lawmakers from both parties condemned GM’s moves.