A South Carolina firm plans to put off nearly all its staff — 126 individuals — due to the Trump administration’s tariffs.
Factor Electronics, which assembles televisions, notified the state of the anticipated job cuts earlier this week. The corporate additionally plans to shut its plant within the city of Winnsboro.
The corporate stated the layoffs and plant closure have been a direct results of US tariffs on items imported from China, together with essential elements that Factor makes use of to place collectively TVs.
The layoffs will start in October. By the tip of the yr, a skeleton crew of eight individuals shall be left, the corporate stated.
Factor said on Twitter that it’s working to have the elements faraway from the tariff checklist, and hopes it might probably keep away from closing the plant. In its discover, it additionally stated it might reopen in three to 6 months.
The corporate declined additional remark. The workplace of the US Commerce Consultant, which handles requests for exemptions to the China tariffs, didn’t instantly return a request for remark.
In July, the administration imposed a 25% tariff on $34 billion price of Chinese language imports. Beijing, accusing america of commerce bullying, has retaliated by imposing tariffs on American items of equal worth.
America plans tariffs on a further $16 billion of Chinese language items, to take impact August 23.
The deliberate layoffs at Factor Electronics have been first reported by The State newspaper of Columbia.
CNNMoney (New York) First printed August eight, 2018: eight:53 AM ET