del
Diamond Member
- Banned
- #1
anyone who's read a 9th grade history book knew this was coming, so it's probably a surprise to trump.
The first casualties of President Trump's trade war are 60 workers at Mid-Continent Nail, America's largest nail manufacturer. They lost their jobs on June 15 at a factory in a part of Missouri that voted overwhelmingly for Trump. The whole company could be out of business by Labor Day.
This is a potential game changer in Trump's trade strategy, especially if it marks the start of more companies announcing layoffs. On Monday, Harley-Davidson said it will be moving some “production” offshore because of the trade war (Europe hit Harley with a 31 percent tariff in response to Trump's steel tariffs on Europe). Harley won't confirm if jobs are leaving the United States, but the union representing many Harley workers, the International Association of Machinists and Aerospace Workers, is worried.
Mid-Continent Nail blames the layoffs on Trump's tariffs and the company says all 500 employees could lose their jobs by Labor Day. The next round of cuts could come in a matter of days.
The trouble for the company started at the end of May when Trump put a hefty 25 percent tariff on steel imports from Mexico and Canada. Mid-Continent had been importing steel from Mexico that American workers would then turn into nails.
After the tariff, the company was forced to hike its prices and customers fled. Orders are a mere 30 percent of what they were a year ago, said George Skarich, the vice president of sales. He suspects many customers are now buying Chinese nails.
Analysis | The first layoffs from Trump’s tariffs are here
The first casualties of President Trump's trade war are 60 workers at Mid-Continent Nail, America's largest nail manufacturer. They lost their jobs on June 15 at a factory in a part of Missouri that voted overwhelmingly for Trump. The whole company could be out of business by Labor Day.
This is a potential game changer in Trump's trade strategy, especially if it marks the start of more companies announcing layoffs. On Monday, Harley-Davidson said it will be moving some “production” offshore because of the trade war (Europe hit Harley with a 31 percent tariff in response to Trump's steel tariffs on Europe). Harley won't confirm if jobs are leaving the United States, but the union representing many Harley workers, the International Association of Machinists and Aerospace Workers, is worried.
Mid-Continent Nail blames the layoffs on Trump's tariffs and the company says all 500 employees could lose their jobs by Labor Day. The next round of cuts could come in a matter of days.
The trouble for the company started at the end of May when Trump put a hefty 25 percent tariff on steel imports from Mexico and Canada. Mid-Continent had been importing steel from Mexico that American workers would then turn into nails.
After the tariff, the company was forced to hike its prices and customers fled. Orders are a mere 30 percent of what they were a year ago, said George Skarich, the vice president of sales. He suspects many customers are now buying Chinese nails.
Analysis | The first layoffs from Trump’s tariffs are here