By Sahid Fawaz
At least one company involved in the steel industry is claiming that Trump’s tariffs are causing it to lay off workers.
“Steel tariffs thatare causing a factory in Missouri to lay off dozens of workers due to lost business from cancelled customer orders.
At the MidContinent Steel and Wire plant in Poplar Bluff, Missouri, where Magnum Fasteners products are made, 60 employees were laid off this month as certain operations were idled due to lost business from increased steel costs.
The company is the largest nail manufacturer in the U.S. and employs hundreds of people in Poplar Bluff. It is owned by Deacaro, a Mexico-headquartered firm which ships steel from its mills in Mexico into the U.S. for a variety of finished products. The administration’s steel tariffs add a 25 percent penalty to the raw material.
‘The imposition of these tariffs on our raw materials on June 1st has actually put our operations into a crisis mode,’ operations general manager Chris Pratt told KFVS in an interview.
One employee laid off last Monday said the layoffs could be a sign of bigger problems at the nail factory, KFVS reported.
Pratt says their customers have canceled 50 percent of their orders because the price of their products have jumped since the steel tariffs started.
‘The low priced import nails that we are having to compete with … has forced our customers to start seeking products in those areas,’ Pratt said. ‘That means going away from the U.S.-manufactured product that supports our local industry and jobs.'”
For the rest of the story, visit CBS News here.