1) BMW will would move production for some of its SUVs out of the U.S. as a result of new tariffs placed on the vehicles, according to The Post and Courier in South Carolina.
BMW is the largest U.S. auto exporter and employs 10,000 people at a plant in Spartanburg, S.C. The brand’s X3, X4, X5 and X6 SUV models and their variants are produced there.
Trump hit China last week with steep tariffs on about $34 billion worth of products.
China responded with retaliatory tariffs on American imports, including SUVs, soybeans and seafood.
2) Harley Davidson has announced that it was moving some of its operations overseas because Trump’s tariffs will raise prices of its bikes in the U.S. and shrink the market.
3) The country’s biggest nail maker, Mid-Continent Nail, said it laid off 60 U.S. employees on June 15 and that the whole company might go out of business by Labor Day. The Missouri company had been importing the steel for its nails from Mexico before the Trump administration placed a 25% tariff on the steel.
4) China buys soy from Russia after canceling US orders over Trump threats
5) REC Silicon, which manufactures polysilicon for solar equipment, said it laid off 100 workers at its factory in Washington State because of the U.S.’s ongoing trade dispute with China. The company said its Washington plant has gone down to a quarter of its production capacity because of the dispute.
The Solar Energy Industries Association estimates that new tariffs imposed by the Trump administration in January will remove 23,000 jobs from the U.S. solar industry.
General Motors sent a letter to the Commerce Department complaining that further tariffs on imported auto parts and materials could result in higher car prices and, ultimately, a smaller GM.
5) Volvo just opened a new plant in Ridgeville, South Carolina, and promised that 4,000 new employees would eventually work there. The company is now saying it may have to break its hiring promise because of the Trump administration’s steel tariffs and the threat of retaliatory tariffs by other countries.
“I said that I will be the greatest jobs producer that God ever created–and I mean that.” Donald J Trump
Sources: The Post and Courier (South Carolina), FastCompany.com
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