President Donald Trump – the self-proclaimed “greatest jobs producer that God ever created” – appears to be costing the U.S. countless jobs as his global trade disputes put pressure on American businesses to trim domestic production and cut jobs in the process.
- Among the first was Harley-Davidson, which announced that it was moving some of its operations overseas because Trump’s tariffs will raise prices of its bikes in the U.S. and shrink the market. The company hasn’t said exactly how many jobs will be affected.
- The country’s biggest nail maker, Mid-Continent Nail, said it laid off 60 U.S. employees on June 15 and that the whole company might go out of business by Labor Day. The Missouri company had been importing the steel for its nails from Mexico before the Trump administration placed a 25% tariff on the steel.
- REC Silicon, which manufactures polysilicon for solar equipment, said it laid off 100 workers at its factory in Washington State because of the U.S.’s ongoing trade dispute with China. The company said its Washington plant has gone down to a quarter of its production capacity because of the dispute.
- Volvo just opened a new plant in Ridgeville, South Carolina, and promised that 4,000 new employees would eventually work there. The company is now saying it may have to break its hiring promise because of the Trump administration’s steel tariffs and the threat of retaliatory tariffs by other countries.
Though modest gains are likely in the steel industry – one the president is trying to protect – economists believe Trump’s policies will result in hundreds of thousands of lost jobs.
The Tax Foundation estimates that the Trump tariffs will immediately result in the loss of 48,585 jobs and that job losses could number as high as 250,000 if Trump goes ahead with plans to impose new tariffs on another $200 billion worth of Chinese products.