Trump Tariffs Blamed As Volvo, Mack Cut Jobs

Forbes

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.  Read the full story on Forbes: https://www.forbes.com/sites/tylerroush/2025/04/22/tariff-layoff-tracker-mack-trucks-volvo-cut-hundreds-of-jobs-as-trumps-levies-pose-market-uncertainty/  Subscribe to FORBES: https://www.youtube.com/user/Forbes?sub_confirmation=1  Fuel your success with Forbes. Gain unlimited access to premium journalism, including breaking news, groundbreaking in-depth reported stories, daily digests and more. Plus, members get a front-row seat at members-only events with leading thinkers and doers, access to premium video that can help you get ahead, an ad-light experience, early access to select products including NFT drops and more:  https://account.forbes.com/membership/?utm_source=youtube&utm_medium=display&utm_campaign=growth_non-sub_paid_subscribe_ytdescript  Stay Connected Forbes newsletters: https://newsletters.editorial.forbes.com Forbes on Facebook: http://fb.com/forbes Forbes Video on Twitter: http://www.twitter.com/forbes Forbes Video on Instagram: http://instagram.com/forbes More From Forbes:  http://forbes.com  Forbes covers the intersection of entrepreneurship, wealth, technology, business and lifestyle with a focus on people and success.

Transcript

00:00Volvo Group and its subsidiary, Mack Trucks, confirmed recent layoffs at some East Coast facilities,

00:06impacting hundreds of employees as the companies are the latest to cut workers

00:10while citing the possible market impact of President Donald Trump's tariffs.

00:15A spokesperson for Volvo Group told Forbes the company would cut up to a combined 450 employees

00:21at facilities in Dublin, Virginia and Hagerstown, Maryland, while also citing market uncertainty,

00:27the likelihood of possible regulatory changes, and the impact of tariffs.

00:32And a Mack Trucks spokesperson told Forbes the company would cut up to 350 people

00:37at its Lehigh Valley Operations Center in Lower Mekunji Township, Pennsylvania.

00:43Volvo Group aren't the only car manufacturers laying off employees.

00:47Approximately 200 workers at a Detroit plant were temporarily laid off by General Motors in early April,

00:52and Stellantis also announced the layoff of around 900 employees at plants in Michigan and Indiana

00:58following a pause in production at some of its Canadian and Mexican assembly plants,

01:03according to a company memo obtained by CNN.

01:06According to some analysts' estimates, around 177,000 U.S. jobs could be lost as a result of Trump's 25% tariff

01:14on all Canadian imports announced in February.

01:16On April 15th, Goldman Sachs released a note suggesting that Trump's tariffs would result in the net loss

01:23of up to 400,000 jobs across all industries, despite creating around 100,000 manufacturing jobs.

01:30The International Monetary Fund warned Tuesday that an increase in tariffs and growing market uncertainty

01:35will likely cause a significant slowdown across most industries.

01:39The agency predicted the global economy would likely decrease at an annual rate of 2.8%,

01:44including a 1.8% decline for the U.S. economy.

01:49For more on this story, check out Ty Roosh's article linked in the description.

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