Volvo Group and his subsidiary Mack Trucks confirmed recent layoffs in some facilities on the east coast, which affected hundreds of employees, since the companies are the last to cut workers while they cite the possible impact on the tariff market of President Donald Trump.
Chronology
April 17
Mack Trucks spokeswoman, Kimberly Pupillo, told Forbes that the company would cut up to 350 people in its Lehight Valley operations center in Lower Macungie Township, Pennsylvania, citing the “market uncertainty” around the orders of heavy trucks, as well as “possible regulatory changes” and the “impact of tariffs.”
April 17
Janie Coley, spokesman for Volvo Group, told Forbes that the company would cut up to a total of 450 employees in the facilities of Dublin, Virginia, and Hagerstown, Maryland, although it also cited the “market uncertainty”, the probability of “possible regulatory changes” and the “impact of tariffs.”
April 3
Around 900 plants employees the stellantis In Michigan and Indiana they will be fired after the company pausara production in some of its assembly plants in Canada and Mexico, according to a memorandum of the company obtained by CNN.
February 4
The cosmetics firm Estée Lauder, based in New York, announced that it will cut up to 7,000 employees worldwide, since the company pointed out possible challenges with the “risk of recession, monetary volatility, inflationary pressures” and the “imposition of tariffs and sanctions”, among other risks.
What other companies have announced layoffs?
- The steel Cleveland-Cliffs He fired more than 1200 workers in Michigan and Minnesota in March. The company declared Detroit Free Press that the cuts were due to the “current reality of the weak automotive production in the US.” The executive director of Cleveland-Cliffs, Louranco Gonçalves, applauded the 25 % tariffs imposed by Trump to steel imports during the last presentation of the company’s results in February, suggesting that the taxes were “crucial” and “necessary”, since they penalize their foreign competitors. According to reports, the company plans to resume production in a plant in Dearborn, Michigan, once Trump’s policies “fully enter into force and automotive production is relocated.”
- General Motors He announced at the beginning of this month that he would temporarily fire 200 workers in a Detroit plant, while the automation manufacturer adjusts the production “to align with market dynamics,” Reuters said.
- Representative Rue Khanna, a Democrat of California, said more than 4,100 factor workers had been fired throughout the United States because Trump tariffs affected the markets, although it is not clear if any of the layoffs was a direct result of Trump’s taxes.
Have Trump tariffs affected workers outside the United States?
- Stellantis He temporarily dismissed about 4,500 employees in Canada after the production break at its ontarium assembly plant, according to a memorandum obtained by the CNBC. Antonio Filosa, Stellantis Operations Director in North America, said the cuts would occur while the company evaluates the medium and long -term effects of Trump’s tariffs on our operations.
- The Pantimedias manufacturer Sheertex He told the Canadian Broadcasting Corporation that the company would temporarily fire about 140 workers in Canada, while executive director Katherine Hibuth cited Trump’s 25% tariffs and the elimination of Minimis’s commercial exemption.
How many workers could be fired due to Trump’s tariffs?
Some analysts estimate that about 177,000 jobs would be eliminated in the United States after Trump’s announcement of a 25% tariff over all Canadian imports in February. Goldman Sachs published a note on April 15 in which he suggested that Trump’s tariffs would create about 100,000 jobs in the manufacturing sector, in addition to eliminating up to 500,000 jobs in all sectors.
News PEG
The International Monetary Fund (IMF) said on Tuesday that the world economy would probably decrease at an annual rate of 2.8%, including a 1.8% drop in the US economy. The UN agency warned that an increase in tariffs and the growing uncertainty of the market will probably cause significant deceleration in most industries.
Key history
The generalized tariffs in the US business partners were announced by Trump during their so -called “day of liberation” earlier this month. Trump said the taxes were approximately half of the total charges taxes to the US, arguing that his approach was “kind” while economists and analysts criticized Trump’s tariff formula. The global political scientist Ian Bremmer pointed out that Trump’s figures were based on a simpler calculation than what US commercial officials claimed, writing that Trump’s formula was “incredibly stupid.” Trump announced a 90 -day pause in its tariffs on April 9, although a 10% base would be maintained, except for China, whose imports face 145% tariffs. The pause was made because more than 75 countries approached the US. To negotiate and did not retaliate to their tariffs, Trump said. Vice President JD Vance said the Trump administration is trying to “rebuild global trade” with tariff negotiations, suggesting that “wants to associate with people and countries” to create “a global trade system that is balanced, open, stable and fair”.
This article was originally published by Forbes Us.
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