Two more major US companies hurt by Trump's trade war
Caterpillar and Honeywell say Trump’s trade war is doing damage.
Two of the biggest companies in America are citing Trump’s unnecessary trade war for costing them millions of dollars. The ripple effects are causing chaos on the stock market and affecting American jobs.
Trump launched a trade war by imposing tariffs on steel imports, prompting affected countries to retaliate and introduce tariffs of their own.
Now major American companies are being hurt.
Caterpillar stock dipped after the company issued “disappointing” guidance and said tariffs were increasing costs, CNBC reports.
“Material costs were higher primarily due to increases in steel prices and tariffs,” according to the company.
The Trump tariffs cost Caterpillar $40 million in the third quarter of the year, and the company said they believe the total costs for 2018 will be close to $100 million.
Honeywell is also feeling the bite of the Trump tariffs, and recently told investors it expects resulting costs could be in the “hundreds of millions of dollars.”
Caterpillar and Honeywell employ over 40,000 and 58,000 Americans respectively.
The Trump trade war continues to negatively affect major American companies — like GM, Whirlpool and Harley-Davidson — its effects rippling through the domestic and global economies.
None of it is working, and America is worse off with the bad policies in place.
Published with permission of The American Independent Foundation.
Recommended
Biden campaign launches new ad focused on Affordable Care Act
Former President Trump has said he wants to do away with the popular health care law.
By Kim Lyons, Pennsylvania Capital-Star - May 08, 2024Trump leaves door open to banning medication abortion nationwide
Donald Trump is planning to release more details in the weeks ahead about how his administration would regulate access to medication abortion, according to comments he made during a lengthy interview with Time magazine published Tuesday.
By Jennifer Shutt, States Newsroom - April 30, 2024Biden on abortion rights: President expects to give speech Tuesday on new Florida 6-week ban
‘Having the president of the United States speaking out loud and with confidence about abortion access is a great thing’
By Mitch Perry, Florida Phoenix - April 22, 2024