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Tuesday
Dec042018

BMW, Volvo Expect Tariffs to Slow Growth, Cost Jobs

Columbia, S.C. (FOX Carolina/AP) -- Both German automaker BMW and Swedish car maker Volvo say their South Carolina based plants may have to cut jobs or experience slow growth because of President Donald Trump's tariffs, AP reports. 

Two University of South Carolina economist Doug Woodward and Joseph Von Neesens say the import taxes could cause an unpredictability in the automotive market, would could have negative impact on the industry in South Carolina.

Economists say that the tariffs could slow economic growth in 2019. The economists say each job at an auto factory creates nearly three more in the state in the supply chain. They say Chinese tariffs could cost the state 6,000 jobs.

 Earlier Tuesday, Trump tweeted he is a "Tariff Man" and other counties should have to pay to raid the great wealth of America. More on the Associated Press' original article can be found here:

https://www.foxcarolina.com/economists-trump-s-tariffs-hurt-automakers-slow-sc-growth/article_2bb11ce3-ffd8-5dc2-9108-a4518b585411.html

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