The Journal.
The Tariff Trade Off: Jobs vs. Higher Prices
Apr 8, 2025
Explore the rise and fall of Newberry, South Carolina, as it grapples with job losses from factory closures. Discover how strategic investments, like Samsung's $380 million bet, aim to reignite local manufacturing. Dive into the debate surrounding tariffs and their promise to boost jobs while also potentially raising prices for consumers. Unravel the intricate balance of trade policies and their real-world consequences, sparking a conversation on the complexities of revitalizing American manufacturing in today's economy.
19:49
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Quick takeaways
- Newberry, South Carolina, experienced job growth with Samsung’s factory despite the tariffs' accompanying rise in consumer prices for washing machines.
- The town’s economic revival emphasized the need for diversification and community resilience following the closure of its major employer, Caterpillar.
Deep dives
The Impact of Caterpillar's Closure
The closure of the Caterpillar plant in Newberry, South Carolina, in 2016 resulted in the loss of over 300 jobs, which highlighted the town's reliance on a single major employer. This event caused significant concern within the community, as it held the title of the most recognized brand in Newberry and provided some of the best job opportunities in the area. Local economic development officer Rick Farmer faced the challenge of reassuring the community while searching for new employment prospects, emphasizing the need for resilience and adaptability amid economic uncertainty. The shutdown marked a critical moment in Newberry’s economic landscape, prompting discussions about its future and the need for diversification in job sources.
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