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Trade War: Layoffs, Reduced Hours, Slimmer Profits

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U.S. Trade War with China, Other Countries: Layoffs, Reduced Hours, Slimmer Profits

July 6, 2018
The bullets are flying in the intensifying U.S. trade war with other global powers, and the casualties are starting to mount – in layoffs, reduced worker hours and thinner company profits.
The last time a trade war happened in the U.S., things didn't go well for the economy. Will history repeat itself.


SEMO Box, a packaging company in Cape Girardeau, has said it will lay off four temporary workers because of the slowdown.


Vintage Industrial, which makes custom steel furniture, says the 25-percent tariff on imported steel has boosted raw-material costs, which forced him to raise prices 5 to 10 percent.


In Wisconsin, Regal Ware, which makes cookware and small kitchen appliances, is getting dinged at both ends of the trade shootout. The West Bend company, with 200 U.S. employees, has paid $150,000 to $175,000 more for steel and aluminum as a result of the U.S. tariffs. It’s absorbing part of that and passing along part in a 2.5 to 5 percent surcharge.


The dairy industry is reeling from $387 million in Mexican tariffs of 15 to 25 percent on U.S. cheese.

 

Over the next year, all these tariffs are expected to translate into the loss of about 170,000 jobs and a tenth of a percentage point in economic growth, Zandi estimates.


But, Trump has threatened an additional $400 billion in tariffs on Chinese shipments to the U.S. and $275 billion in auto imports.
Those would push total job losses to 700,000 and lop a half-percentage point of economic growth, likely nudging the country into recession.

 

https://www.usatoday.com/story/money/2018/07/06/u-s-trade-war-china-layoffs-thinner-profits/76256900...

 

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