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Citing tariffs, Caterpillar lays off 120 temp workers in Texas

November 5, 2019

The OEM, seen as an economic bellwether for the construction industry, has been affected not only indirectly by its customers’ worries over a U.S.-China trade war, but also directly by an increase in tariffs. In July, Caterpillar said it paid $70 million in tariffs in the second quarter of 2019. The tariffs, along with a loss of incentives in Brazil and warranty expenses, led to a $328 million increase in manufacturing costs during the quarter.

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