Vance: US Manufacturing Can Recover Amid Market and Tariff Woes

    0
    0

    BAY CITY, Mich. — On Friday, Vice President JD Vance visited a plastics manufacturing plant in Michigan, advocating for a rejuvenation of American industry as promised by the Trump administration. Despite his optimistic message, concerns linger about rising tariffs and decreased consumer confidence, which may suggest otherwise.

    Vance addressed a crowd at Vantage Plastics in Bay City, a locale historically known for its bustling sawmills and shipbuilding industry in the 1800s. “We started a great American comeback,” he stated, committing to the administration’s plan to simplify and reduce the costs of domestic manufacturing.

    However, Vance cautioned the public to remain patient, acknowledging that implementing the administration’s economic strategies will take time and effort. “This is not always easy, and it doesn’t happen overnight,” he emphasized.

    In Michigan, businesses are particularly nervous about the mounting trade tension with Canada, exacerbated by President Donald Trump’s tariff increase on steel and aluminum imports to 25%. This move has elicited swift retaliatory measures from Canada and the European Union.

    Additionally, a University of Michigan survey indicated U.S. consumer sentiment has plummeted for the third consecutive month, decreasing by 22% compared to December 2024 under President Joe Biden’s administration. The report, released Friday, showed expectations of annual inflation rising from 3.5% to 3.9%, marking the biggest monthly hike since 1993.

    The financial markets have also suffered, with the S&P 500 experiencing a correction for the first time since 2023, closing more than 10% below its record on Thursday.

    Trump has indicated that financial instability might occur as his administration, advised by billionaire Elon Musk, champions tariffs and aims to significantly reduce the federal workforce. Vance reiterated this message during his speech.

    “I have to be honest with you. The road ahead of us is long,” he admitted. “But we are already — in just seven short weeks — starting to see early indications of the president’s vision becoming our shared American reality.”

    Among the audience was Justin Crosby, a worker at a nearby construction company in Midland. He expressed that his main expectation from Vance’s visit was “hope.” While he found the initial months of Trump’s presidency challenging to follow, Crosby still believes the administration will help lower costs. “It takes a long time to unravel all the craziness that’s happened over the last four years,” Crosby remarked.

    Regarding the tariffs’ impact on construction, Crosby noted that heightened material costs are affecting trade companies significantly. “We feel it in construction,” he said. “Hopefully, this summer leads to better pay.”

    Vance defended the tariffs, asserting, “If you want to be rewarded, build in America. If you want to be penalized, build outside of America,” which was met with chants of “USA! USA!”

    Frank Wyson, an employee at Vantage Plastics who stood beside Vance onstage, voiced little worry about the tariffs’ potential impact on Michigan, stating, “We’ve done give and give and give, to the point where we’re starting to crumble. So, therefore, it’s time for the surrounding countries that’s gotten from us to give back to us.”

    Paul Aultman, the CEO and founder of Vantage, noted that the focus of the event was economic rather than political. “Regardless of which side you’re on, you can’t disagree with promoting more high-paying jobs for people,” he explained.

    Around 50 protesters gathered outside the Vantage facility, displaying signs addressing various issues including criticism of Trump, Vance, Musk’s efforts to reduce government size, and expressing support for Ukraine amid its conflict with Russia. Vance acknowledged the protesters and, noting the timing of his speech, quipped, “Don’t you all have jobs?”

    “We want those people to get off the streets and back to work,” Vance added.

    Vance’s visit included an appearance with Kelly Loeffler, the Small Business Administration’s administrator and a former Republican senator. The Michigan stop followed a private meeting between Governor Gretchen Whitmer and Trump in Washington to discuss jobs and tariffs, which Whitmer described as “productive.”

    Also visiting the White House on Friday was New York Governor Kathy Hochul. This led Vance to mock blue-state governors for seeking economic aid from the Oval Office.

    Previously an Ohio senator before becoming Vice President, Vance assured that more visits to the Midwest were in his plans. “This is not going to be my last stop in Michigan, by any means,” he claimed.

    “If we do not protect our nation’s manufacturers, we lose a fundamental part of who we are as a people. Making things, building things, working with our hands is America’s heritage,” Vance declared, warning against losing the capacity to produce domestically. “When we lose the ability to make our own stuff, we abandon a way of life.”