Trump promised his trade war would lead to more jobs, but that appears to be yet another broken promise.
Trump's escalating trade war with China led to more than 10,000 job cuts in August alone, according to an analysis released Thursday by Challenger, Gray & Christmas. The cuts come despite repeated promises from Trump that his trade war with China will bring companies and jobs to the United States.
"Employers are beginning to feel the effects of the trade war and imposed tariffs by the U.S. and China," Andrew Challenger, vice president of Challenger, Gray & Christmas, said about the analysis. "In fact, trade difficulties were cited as the reason for over 10,000 job cuts in August."
"We are continuing to see investor concerns shaking confidence in the market, and employers appear to be cutting workers in response to a slowdown in demand for their products and services," Challenger added.
The industrial manufacturing sector has announced more than 200% job cuts so far this year than last year at this time. Companies located in the South have announced the most layoffs in 2019.
The report comes as Trump continues to ratchet up his trade war with China, announcing in late August additional tariffs on Chinese products.
Data in the report contradicts Trump's repeated claims that his policies will create jobs.
"Companies will relocate to U.S.," Trump said in July.
"We have the greatest companies anywhere in the world," Trump said in August. "They're all coming back now. They're coming back to the United States."
But despite Trump's promises, hard data shows companies and jobs aren't flooding into the United States. The U.S. manufacturing sector is technically in a recession after two straight quarters of declining output. Counties across Midwest states like Michigan, Pennsylvania, and Wisconsin have seen significant job losses in the manufacturing sector over the past few years.
In South Carolina, a company in one of the poorest counties announced layoffs because of Trump's trade war.
"Trump promised to create jobs as president, but that hasn't happened," Daniel Wessel, deputy director for DNC War Room, told Shareblue Media. "Instead, thousands of workers lost their jobs last month as a result of his erratic policies. This has been the same story throughout Trump’s presidency — one broken promise after another."
Wessel's comments mirror those of Sen. Sherrod Brown (D-OH), who told the New York Times in August that he was "sensing and seeing a betrayal of workers and promises broken over and over again." Brown was discussing the lack of jobs after factories in his state have shut down.
Trump promised Americans that the trade war would be boon for jobs. Instead, economic experts warn of a looming recession — and this new report shows companies cut 10,000 jobs in just the last month.
Published with permission of The American Independent Foundation.