El Presidente Trumpo may have congratulated Macron for his victory over populist Le Pen, but his next tweet showed he’s still very sympathetic to the nationalist economic policies.
And he named names!!!
Rexnord of Indiana made a deal during the Obama Administration to move to Mexico. Fired their employees. Tax product big that's sold in U.S.
— Donald J. Trump (@realDonaldTrump) May 7, 2017
This is interesting because he seems to have backed off on repealing NAFTA after talking to the Mexican president and the Canadian prime minister. He said he was going to renegotiate. Will he include high tariffs on products from companies who did what Rexnord did?
Here’s what Rexnord did – move 300 jobs:
The plant, which makes metal bearings, is less than 2 miles from the Carrier center where President Trump took credit for saving hundreds of manufacturing jobs last year. That claim was inflated, and automation will ultimately replace some of the jobs that were saved.
Rexnord (RXN) is closing the Indiana plant in June and cutting 300 jobs in all. Twenty-three assembly line workers will lose their jobs in the first round of cuts, said Chuck Jones, the president of the union local.
Most of the 300 jobs will be moved to Mexico. The first round of cuts is to make room for jobs at an assembly plant in Texas, Jones said.
Jones said the plant is offering a week’s pay for every year of service, along with $1,500 and several months of health coverage. But employees can lose those benefits if they accept a new job before their position at Rexnord officially ends.
This is similar to the kind of nationalism that FDR imposed on businesses during the Great Depression, and it didn’t work then either. This is specifically against the free market principles of conservatism, but enough Americans have shown that they don’t care. They prefer that big government muscle its way in and tell businesses how to run…