opinion Detroit Free Press Opinion Staff Published 12:00 PM EST Nov 29, 2018 If you're wondering who's to blame for General Motors' upcoming layoffs — the automaker announced Monday that it will idle three plants by the end of next year, including one in Detroit-Hamtramck, reducing its workforce by about 6,200 production jobs and about 8,000 white-collar jobs — well, it's complicated. Suspicion is rife on the left that President Donald Trump's tariffs or his war on NAFTA are to blame. Trump blames GM, and he's threatening swift retaliation if GM doesn't reverse course posthaste. But what can Trump — or any other elected official — do to stop mass layoffs in the auto industry? We asked University of Michigan economist Don Grimes, a regional forecast specialist with the Research Seminar in Quantitative Economics, to help us understand. Free Press: Are the GM layoffs cyclical? Trumplical? Do they have anything to … [Read more...] about GM layoffs are not because of Donald Trump’s tariffs
Donald trump tariffs
Detroit Free Press Staff Published 1:23 PM EDT Sep 26, 2018 Ford CEO Jim Hackett on Wednesday told Bloomberg Television that his company faces $1 billion in lost profits from President Donald Trump's tariffs. “The metals tariffs took about $1 billion in profit from us — and the irony is we source most of that in the U.S. today anyways,” Hackett said in the interview. “If it goes on longer, there will be more damage.” A Ford spokesman told the Free Press that Hackett was referencing Ford internal forecasts of an increase of about $1 billion in steel and other metal costs in 2018 and 2019 due to tariffs. Hackett described business as stalled by the uncertainty that Trump's tariffs on steel and aluminum from China and Canada, which have led to a range of retaliatory tariffs. At the end of August, Ford cited Trump's tariffs on cars from China in cancelling plans to import to the United States the Focus Active SUV, meant to take … [Read more...] about Donald Trump’s tariffs will cost Ford $1B, Jim Hackett says
This story is being published by POLITICO as part of a content partnership with the South China Morning Post. It originally appeared on scmp.com on Aug. 31, 2018. The powerful export machine of China is quickly losing steam amid threats of a full-blown trade war with the United States, an index compiled by Beijing suggests.Story Continued Below The “new export order” subindex in China’s official purchasing manager index – the first available indicator to gauge China’s export sector’s health every month – fell sharply in August even when only a small portion of Washington’s threatened additional tariffs on Chinese products kicked in, according to the National Bureau of Statistics. The subindex dropped by 0.4 points to 49.4 in August, the lowest since the China-U.S. trade tension escalated in March, according to data released by the statistics agency. It was also the third month that the export order subindex had been below 50 – under … [Read more...] about Trade war: China suffers three-month export downturn as Donald Trump’s tariffs bite
AMHERST - President Donald Trump's trade tariffs are hurting farmers all across the country, U.S. Rep. Jim McGovern said Tuesday during a tour of Western Massachusetts farms. "The tariffs are a stupid way to work out our trade differences," McGovern said. "There are better ways to negotiate better trade. "Our farmers are hurting. Tariffs should be the last resort. We need to fix our trade policy. Behaving like a bully or a crybaby is not the way to do it," he said. The Worcester Democrat made the comments while visiting the University of Massachusetts farm, one of six he visited in Western Massachusetts. He is scheduled to visit six more Wednesday in Worcester County as part of his 8th annual cross-district farm tour. He talked about farmers' needs and the farm bill among other topics. Being a dairy farmer in New England "is particularly difficult," he said, and he supports programs to help them remain viable. "We're trying to find ways to provide dairy farmers with some … [Read more...] about President Donald Trump’s tariffs hurting farmers across the country, U.S. Rep. Jim McGovern says during Massachusetts farm tour
World International Affairs The current economic crisis in Turkey, which continues to roil global equity markets, is but the most recent and most visible evidence of Ankara’s deteriorating relations with the United States and with Washington’s NATO allies. It is a diplomatic crisis that’s been coming for more than two years, but President Donald Trump appears to have just realized it. Only a month ago, Trump fist-bumped Turkish President Recep Tayyip Erdogan and said of him, “He does things the right way.” Then, on August 11, Trump doubled the tariffs on Turkish-produced steel and aluminum and said via tweet, “relations between us are not good at this time.” What changed? For months the administration has tried to negotiate the release of a North Carolina evangelical pastor, Andrew Brunson, who had been detained in Turkey on farcical charges that he somehow aided the coup attempt against Erdogan in 2016. Brunson’s is … [Read more...] about Donald Trump’s Tariffs Create Economic Chaos in Turkey. Will Erdogan Cave—Or Will NATO Kick Him Out?