The first layoffs from Trump's tariffs are here

The first casualties of President Trump’s trade war are 60 workers at Mid-Continent Nail, America’s largest nail manufacturer. They lost their jobs on June 15 at a factory in a part of Missouri that voted overwhelmingly for Trump. The whole company could be out of business by Labor Day.

This is a potential game changer in Trump’s trade strategy, especially if it marks the start of more companies announcing layoffs. On Monday, Harley-Davidson said it will be moving some “production” offshore because of the trade war (Europe hit Harley with a 31 percent tariff in response to Trump’s steel tariffs on Europe). Harley won’t confirm whether jobs are leaving the United States, but the union representing many Harley workers, the International Association of Machinists and Aerospace Workers, is worried.

The Trump administration has argued that these tariffs will save jobs and that the cost to America will be minor. But now there are real job losses. Now there is a human face to the pain that so many trade experts have been warning about.

The political pressure on Trump to stop the tariffs (especially on America’s allies) is likely to escalate. In Missouri, a state with a close U.S. Senate race, the layoffs are already becoming a hot election issue. Sen. Claire McCaskill (D-Mo.) is planning a visit to the nail plant on Friday.

Mid-Continent Nail blames the layoffs on Trump’s tariffs, and the company says all 500 employees could lose their jobs by Labor Day. The next round of cuts could come in a matter of days.

https://www.msn.com/en-us/money/markets/the-first-layoffs-from-trump’s-tariffs-are-here/ar-AAza55V?li=BBnb7Kz