The Cheater-in-Chief posted - 8 minutes before the the TSLA Q1 callNo intention of firing Powell, China tariffs coming down. I won't play hardball with China!
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Volvo Group North America confirmed it will soon fire between 550 and 800 workers at its Mack Trucks site in Macungie, Pennsylvania, and at Volvo Group facilities in Dublin, Virginia, and Hagerstown, Maryland as part of the global "Liberation Day" celebrations. - msn.com
“Heavy-duty truck orders continue to be negatively affected by market uncertainty about freight rates and demand, possible regulatory changes, and the impact of tariffs,” said a spokesperson for Volvo Group North America to Reuters. “We regret having to take this action, but we need to align production with reduced demand for our vehicles.”
Stellantis NV announced on “Liberation Day” it was laying off 900 workers in the U.S. after Trump’s tariffs announcement. Others followed suit shortly after, primarily driven by market volatility.
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A Goldman Sachs report published last week estimates Trump’s tariffs will bring 100,000 new manufacturing jobs to the U.S. thanks to shifting supply chains, but Goldman estimates 500,000 other American jobs will be destroyed in the process.
The New York Federal Reserve is among those bearish on MAGA 2.0’s economics.
“Firms expect conditions to worsen in the months ahead,” it said in its April survey of manufacturers, adding that those businesses showed “a level of pessimism that has only occurred a handful of times in the history of the survey.”
Ryan Petersen, CEO of the global logistics firm Flexport, said he fears tariffs will cause small businesses across the U.S. to collapse.
“Thousands, and then millions, of American small businesses, including many iconic brands, will go bankrupt this year if the tariff policies on China don’t change.” |
