Tuesday, March 6, 2018

Trump's trade war job losses already starting

If This Is ‘Winning’ — Then No More Winning Please

After announcing in January a $250 million plant expansion in Springfield, Sweden’s Electrolux reported Friday that its plans are now on hold.
Reuters first reported that the company, Europe’s largest home appliance manufacturer, was delaying its Tennessee investment after President Donald Trump announced Thursday new tariffs on imported aluminum and steel.
Electrolux’s investment plans included modernizing and adding 400,000 square feet to the Springfield plant, construction on which was slated to begin later this year.
American solar company SunPower will lay off about 3 percent of its workforce in March, a decision that comes after President Trump began imposing new tariffs on imported solar materials earlier this year.
SunPower has already started the process of laying off between 150 and 250 workers, largely from its research and development and marketing positions, CEO Tom Werner told The Hill. The cuts will amount to about a 10 decrease in operational expenses.
The cuts made by the publicly traded company, which is based in San Jose, Calif., are largely an effort to stop the bleeding from the new costs associated with the 30 percent tariffs, Werner said.

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