A Television making company of South Carolina reports that it might have to shut down a plant and lay off its staffs because of the endless trade war between China and US.
The Winnsboro’s Element Electronics plant, which provides job to a number of employees in Fairfield Country, says that unless its parts are removed from Trump’s traffic list, it will have to surely shut down and dismiss 126 employees.
Over the matter of trade, the US President has beefed up the trade war with China. That threat over $200 billion traffic on Chinese products. Later within this month, effects of $16 billion imports on Chinese goods were tariff with 25%.
From August 23, the updated tariffs will start to affect the international trade industry, which will impact on 279 product lines. However, the original was 284, which got proposed on June 15, reports the representative office of US Trade. Products that will have great impacts are plastics, electronics, and railway freight cars.
The company posted on social media that “as we are the only USA assembler of televisions, we believe the inclusion of our parts on the list of affected products is accidental and resolvable.” It continued, “Element is working hard to have our parts removed from the tariff list and we remain hopeful that the closure of our South Carolina factory will be avoided.”
Detailing the company’s justification over its closure, it has sent a formal letter o the South Carolina Department of Employees, reports the source. It reads, “The layoffs and closure is a result of the new tariffs that were recently and unexpectedly imposed on many goods imported from China, including the key television components used in our assembly operation in Winnsboro.” However, the company hoped that it would be a temporary closure and they could succeed in re-opening it within “three to six months.”
In that letter, the television making company reports that the layoffs will start in October.
The letter of the company’s closure will hit the troubled and poor Fairfield country, says the source. It further expressed the news with the preceding of a nuclear power project closure, abandoned of a textile and Walmart mills, the largest employer in the country is likely to close in coming days, added the source.