John Paulson, a hedge fund billionaire and one of Donald Trump’s earliest Wall Street backers, is planning to offshore an Ohio manufacturing plant to China despite heavy pushback from employees. Workers at the plant call the move “a slap in our face”, after Paulson vocally defended domestic manufacturing, and are fighting to keep the plan open. Conn Selmer, the largest US manufacturer of brass and orchestra instruments, told the union it planned to offshore most work at its East Lake, Ohio, plant to China by the end of June 2026,…
Tag: US unions
I was secretary of labor. Trump’s bizarre tariff scheme won’t revive American jobs | Robert Reich
On Sunday night, the US announced that it was cutting tariffs on Chinese imports from 145% to 30%, for 90 days, and the Chinese are dropping tariffs on US goods from 125% to 10%, also for 90 days. The stock market soared on the news. (Anyone with inside knowledge of the deal could have made a killing.) But what’s the ultimate goal here? What happens over the next 90 days? It’s impossible to know what’s in Donald Trump’s mind (other than an insatiable thirst for power and money), but his…