The trade war that President Donald Trump has wanted with China is taking a toll on Caterpillar workers.
“Caterpillar, the world’s largest heavy equipment maker has announced that it terminated 120 temporary workers at its Texas plant.
This cut in USA jobs at its Texas facility follows sagging sales stemming from the U.S-China trade war. The new layoffs were implemented in the hydraulic excavator facility in Victoria on Nov. 1 where 820 employees are working.
Confirming the layoffs, a company spokeswoman Kate Kenny said on Monday the decision was connected with ‘market conditions.’
According to reports, sales in Asia-Pacific fell 13 percent after demand in China suffered and competitive pressure from rivals increased. Revenue in the North American market also fell almost 3 percent.
In October, the engineering giant said it was taking steps to cut production after sales fell in many product segments and regions in the last quarter.
Caterpillar caters to the capital goods industry with a range of machinery that feeds multiple end-user industry groups.”
For the rest of the story, visit the International Business Times here.