The American industries most exposed to trade turmoil have slammed the brakes on hiring and in many cases begun to lay off workers, causing growth in the US labour market to grind to a halt.
Sectors including manufacturing, wholesale retail and energy have experienced a wave of job losses in recent months that executives blame in large part on President Donald Trump’s sweeping levies that have increased costs and made it difficult to commit to expansion plans.
“These tariffs are just a drain on American manufacturers like mine. There’s no benefit. It’s an abrupt tax that is impeding our ability to hire and grow,” said Julie Robbins, chief executive of EarthQuaker Devices, a manufacturer of guitar pedals in Akron, Ohio.
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