Donald Trump has pitched his tariffs on foreign goods as a way to bring more manufacturing jobs back into the United States. However, it now appears as if the tariffs are hurting the manufacturing jobs that are already here.

John Deere has laid off 2,000 employees and the layoffs continue. John Deere’s Josh Beal said, “the primary drivers” for the company’s negative outlook “are increased tariff rates on Europe, India, and steel and aluminum.” In its announcement of the layoffs, the company said that “the struggling [agriculture] economy continues to impact orders” for its equipment. “This is a challenging time for many farmers, growers, and producers, and directly impacts our business in the near term,” the company emphasized. The uncertainty surrounding the tariffs has led to many farmers putting off investments in farm equipment.

All three of the country’s major automakers have announced negative effects of the tariffs. Ford said its profits could plunge by up to 36% this year as it expects to take a $2 billion hit from the president’s tariffs. General Motors last month cited Trump’s tariffs as the reason its profits fell by $3 billion the previous quarter. GM said profits could tumble by another $5 billion in the coming quarter. Stellantis Jeep projected that the tariffs would directly lead to $350 million in losses in the first half of 2025.

Jerry Hoare

Jim Thorpe