Jobs, jobs, jobs!
Trump has been non-stop bragging about how his job reports are always the best. He is even shaping economics worldwide with his pre-job report, stamp of approval tweets. Today's job report reported that 213,000 jobs were added last month. Even though this is a really positive sign for the state of the U.S. economy, there is a major shadow cast on this news by the incoming trade wars. Here are some companies that have already been impacted by the tariffs:
- Harley-Davidson has come out and said that they are moving some of their operations overseas as tariffs will raises prices of its bikes.
- America's biggest nail maker, Mid-Continent Nail, has already laid off 60 U.S. employees and the company may go out of business because of the tariffs on Mexico.
- REC Silicon, a manufacturer of polysilicon for solar equipment has already laid off 100 workers at its factory in Washington State because of the trade war with China.
- General Motors and BMW have sent letters to the Commerce Department complaining that the new tariffs could result in higher car prices and lead to their U.S. based plants to cut jobs.
- Volvo just opened a new plant in Ridgeville, South Carolina and had a hiring goal of 4,000 new employees. But due to the steel tariff, they are unsure if they can keep their promise.
The U.S. Chamber of Commerce has said that Trump's actions could potentially threaten 2.6 million American jobs and cause the U.S. economy to go stagnant. The Tax Foundation estimates that the Trump tariffs will immediately result in the loss of 48,585 jobs and that job losses could go as high as 250,000 if Trump goes ahead with plans to impose new tariffs on basically everyone.