Caterpillar and Honeywell say Trump's trade war is doing damage.
Two of the biggest companies in America are citing Trump’s unnecessary trade war for costing them millions of dollars. The ripple effects are causing chaos on the stock market and affecting American jobs.
Trump launched a trade war by imposing tariffs on steel imports, prompting affected countries to retaliate and introduce tariffs of their own.
Now major American companies are being hurt.
Caterpillar stock dipped after the company issued “disappointing” guidance and said tariffs were increasing costs, CNBC reports.
“Material costs were higher primarily due to increases in steel prices and tariffs,” according to the company.
The Trump tariffs cost Caterpillar $40 million in the third quarter of the year, and the company said they believe the total costs for 2018 will be close to $100 million.
Honeywell is also feeling the bite of the Trump tariffs, and recently told investors it expects resulting costs could be in the “hundreds of millions of dollars.”
None of it is working, and America is worse off with the bad policies in place.
Published with permission of The American Independent.