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First layoffs and now companies going out of business because of Trump's tariffs hitting Americas heartland hard
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Original Message
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[link to fortune.com]
Trump's Tariffs Have Led to Layoffs at U.S. Manufacturers
Despite his promising to be “the greatest jobs producer that God ever created” after winning the presidency, Trump’s recent slew of overseas tariffs has led to an increasing number of job losses at home.
America’s largest nail manufacturer, Mid-Continent Nail, became the first company to lay off employees as a result of Trump’s tariffs in mid-June. The Missouri-based company made its nails with steel imported from Mexico, but Trump’s 25% tax on steel dealt a blow to production. Sixty employees lost their jobs, and the whole company—which employs 500—could be out of business by Labor Day, said the Washington Post.
REC Silicon, which produces polysilicon for solar equipment, laid off 100 employees Monday as a “direct result of the ongoing solar trade dispute between China and the United States,” said company officials. The manufacturer has been closed off to the Chinese market since 2014, affecting overall sales. The Washington state-based company has reduced production to about a quarter of capacity due to these trade disputes.
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