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Related: Editorials & Other Articles, Issue Forums, Alliance Forums, Region ForumsLargest US nail manufacturer 'on the brink of extinction' because of the steel tariffs
http://money.cnn.com/2018/06/26/news/companies/steel-tariffs-job-losses/index.html
Steel tariffs could force the nation's largest nail manufacturer to close or move to Mexico.
The Mid-Continent Nail plant in Poplar Bluff, Missouri, laid off 60 of its 500 workers last week because of increased steel costs. The company blames the 25% tariff on imported steel. Orders for nails plunged 50% after the company raised its prices to deal with higher steel costs.
The company is in danger of shutting production by Labor Day unless the Commerce Department grants it an exclusion from paying the tariffs, company spokesman James Glassman told CNN's Poppy Harlow.
Mid-Continent Nail is "on the brink of extinction," he said.
Glassman said the company might relocate to Mexico, where it could buy the steel without the tariffs and then export the finished nails back to the United States without tariffs, which only apply to raw materials.
"It's obviously an option," said Glassman about moving to Mexico. "It absolutely is something this company does not want to do. It wants to save the jobs in Poplar Bluff Missouri."
Glassman called President Donald Trump's trade policy misguided. He noted that the company had doubled its work force since 2013, and thrived despite increased competition from China.
Steel tariffs could force the nation's largest nail manufacturer to close or move to Mexico.
The Mid-Continent Nail plant in Poplar Bluff, Missouri, laid off 60 of its 500 workers last week because of increased steel costs. The company blames the 25% tariff on imported steel. Orders for nails plunged 50% after the company raised its prices to deal with higher steel costs.
The company is in danger of shutting production by Labor Day unless the Commerce Department grants it an exclusion from paying the tariffs, company spokesman James Glassman told CNN's Poppy Harlow.
Mid-Continent Nail is "on the brink of extinction," he said.
Glassman said the company might relocate to Mexico, where it could buy the steel without the tariffs and then export the finished nails back to the United States without tariffs, which only apply to raw materials.
"It's obviously an option," said Glassman about moving to Mexico. "It absolutely is something this company does not want to do. It wants to save the jobs in Poplar Bluff Missouri."
Glassman called President Donald Trump's trade policy misguided. He noted that the company had doubled its work force since 2013, and thrived despite increased competition from China.
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Largest US nail manufacturer 'on the brink of extinction' because of the steel tariffs (Original Post)
IronLionZion
Jun 2018
OP
True Dough
(17,320 posts)1. That's just Donny Trump
put one of those last nails in the coffin. Thanks, Donny!
zipplewrath
(16,646 posts)3. Right before he puts 'em out of business
Supposedly capitalists will sell you the rope with which to hang them.
Apparently Trump will buy the American nails to close the coffin on American manufacturing.
shraby
(21,946 posts)2. That's one way to keep them from moving overseas.
Trump has it all figured out.
IronLionZion
(45,528 posts)6. Trump will punish them like he just threatened Harley Davidson
that'll teach them
underpants
(182,877 posts)10. Think he'll threaten Mid-Continent with a tacks?
yeah I nailed that one.
Gidney N Cloyd
(19,847 posts)14. Your puns have gone from brad to worse.
underpants
(182,877 posts)17. Well that was a blunt point
Yes I used google for that one.
bitterross
(4,066 posts)16. LOL. Too funny.
RKP5637
(67,112 posts)4. It's all part of Trump's plan to destroy America and everything it ever stood for. Now, he wants to
destroy Harley-Davidson. Trump, is a sociopath, narcissist and sadist, He just does not care. Why the F do people find that so hard to believe/understand. Plus, he's a con artist.
Tatiana
(14,167 posts)5. Good. Sad for the workers, but they asked for all this #winning.
Hope they're happy with their purchase.
jberryhill
(62,444 posts)7. Womp womp
https://en.wikipedia.org/wiki/James_K._Glassman
The area of Missouri where the plant is located voted 80% for President Trump. (per CNN)
The area of Missouri where the plant is located voted 80% for President Trump. (per CNN)
IronLionZion
(45,528 posts)8. Maybe Trump will use their nails to build his wall
after they move across the border to Mexico because of the steel tariffs.
Iliyah
(25,111 posts)9. They went with t-rump.
Phoenix61
(17,019 posts)11. Who knew economics was so hard?
Globalization is a fact. It doesn't matter if they like it or not. Sometime between 1920 and now it happened.
IronLionZion
(45,528 posts)12. Trump finds it very easy
He's winning so much you'll be sick of winning
Sneederbunk
(14,300 posts)13. Another arrow for McCaskill's quiver.
oasis
(49,407 posts)15. "Thanks for the votes, suckers"
x 60,000,000