Volvo Group and its subsidiary Mack Trucks confirmed recent layoffs at some East Coast facilities, impacting hundreds of employees, as the companies are the latest to cut workers while citing the possible market impact of President Donald Trump’s tariffs.
Some companies have announced layoffs while citing the market impact from President Donald Trump’s ... More
Mack Trucks spokesperson Kimberly Pupillo told Forbes the company would cut up to 350 people at its Lehigh Valley Operations Center in Lower Macungie Township, Pennsylvania, citing “market uncertainty” surrounding heavy-duty truck orders, as well as “possible regulatory changes” and the “impact of tariffs.”
Janie Coley, a spokesperson for Volvo Group, told Forbes the company would cut up to a combined 450 employees at facilities in Dublin, Virginia, and Hagerstown, Maryland, while also citing “market uncertainty,” the likelihood of “possible regulatory changes” and the “impact of tariffs.”
About 900 employees at Stellantis plants in Michigan and Indiana will be laid off after the company paused production at some of its Canadian and Mexican assembly plants, according to a company memo obtained by CNN.
The New York-based cosmetics firm Estée Lauder announced it would cut up to 7,000 employees globally, as the company signaled possible challenges with the “risk of recession, currency volatility, inflationary pressures” and the “imposition of tariffs and sanctions,” among other risks.
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Some analysts have estimated about 177,000 jobs in the U.S. would be cut after Trump announced a 25% tariff on all Canadian imports in February. Goldman Sachs wrote a note on April 15 suggesting Trump’s tariffs would create about 100,000 manufacturing jobs, while also removing up to 500,000 jobs across all industries.
The International Monetary Fund said Tuesday the global economy would likely decrease at an annual rate of 2.8%, including a 1.8% decline for the U.S. economy. The UN agency warned an increase in tariffs and growing market uncertainty will likely result in a “significant slowdown” across most industries.
Sweeping tariffs across U.S. trade partners were announced by Trump during his so-called “Liberation Day” earlier this month. Trump claimed the levies were roughly half of the total charges imposed on the U.S, arguing his approach was “kind” as economists and analysts criticized Trump’s tariff formula. Global political scientist Ian Bremmer pointed out Trump’s figures were based on a simpler calculation than what U.S. trade officials claimed, writing Trump’s formula was “incredibly stupid.” Trump announced a 90-day pause on his tariffs on April 9, though a baseline 10% would remain, except for China, whose imports face 145% tariffs. The pause was done because over 75 countries reached out to the U.S. to negotiate and did not retaliate to his tariffs, Trump said. Vice President JD Vance said the Trump administration is trying to “rebalance global trade” with tariff negotiations, suggesting it “want[s] to partner with people and countries” to create “a system of global trade that is balanced, one that is open, and one that is stable and fair.”
Trump Announces 90-Day Pause On Hefty Tariffs—Though 10% Levies Will Remain (Forbes)