The Michigan manufacturing industry has been rough recently, and it is about to get worse.
Marshall Excelsior’s Facility Closures
Marshall Excelsior just announced that it will be closing three of its facilities by next March, with dozens of layoffs expected. This is a gut punch for employees and local economies, but another blow is still to come. Howard Miller, the iconic clockmaker that has been a household name for 100 years, says that it will be closing down operations entirely next year.
Howard Miller Shuts Down After 100 Years
Howard Miller’s closures will hit two Michigan plants, one based in Traverse City and the other in Zeeland, Michigan. Another closure will be hitting North Carolina as well. In a statement made by the company, it was pointing fingers at a sluggish housing market and tariffs.
Tariffs and Inflation’s Ripple Effect
This shouldn’t come as a major shock, as the Federal Reserve has been warning consumers for months that tariffs on imported materials will feed inflation, increasing costs not only for consumers but companies.
Global Competition Adds to Strain
The United States imposed tariffs on other countries, it saw fire back, especially on our own tariffs on American goods. The trade war ripple effect hurts sales, slows investment, and makes it harder for investors globally.
With high interest rates, as well as rising costs and stiff international competition in today’s climate, every penny matters. Tariffs, by nature, raise the cost of doing business, which can result in lower sales, fewer jobs, and, in this case, plant closures.\…