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Tariffs

Ohio Manufacturing Company Loses Millions to Trump Tariffs, Ignored by Senator Husted

Strategic Insights

— 2 min read

Columbus, OH -- A Grove City manufacturing company, Tosoh SMD, Inc., has lost over $4 million in revenue due to the tariffs imposed by President Trump this year, cutting into its bottom line and causing it to take cost-saving measures. The company produces components crucial for semiconductor and solar panel manufacturing, but has been left to navigate the changing landscape of tech manufacturing and tariffs largely on its own. Despite reaching out to Ohio's U.S. House delegation, including Senator Husted, the company's concerns were merely "passed along" to the administration, with no relief in sight.

Key Takeaways:

  • Tosoh SMD, Inc., a Grove City manufacturing company, has lost over $4 million in revenue due to Trump tariffs, or around 5% of its annual revenue.
  • The company produces components crucial for semiconductor and solar panel manufacturing, which are in high demand by tech giants like Samsung, Texas Instruments, and Intel.
  • Tosoh's customers are unwilling to pay more to compensate for the tariff costs, forcing the company to absorb the losses.
  • Unlike in Trump's first term, there is no formal tariff exemption process for companies like Tosoh to use, leaving them with no clear solution.
  • Senator Husted's office simply "passed along" the company's concerns to the administration, without offering any relief or support.
  • The Husted-supported tariffs are hurting Ohio soybean farmers, while the taxpayer-funded bailout to Argentina is set to double to $40 billion.
  • The bailout has been criticized for undermining American farmers, who are concerned that Argentina's efforts to replace them as a supplier to China will lead to lost sales.

Statistics:

  • Tosoh SMD, Inc. has lost over $4 million in revenue due to Trump tariffs.
  • The company employs 221 people at its manufacturing plant in Grove City.
  • The tariffs have cut into Tosoh's bottom line, forcing the company to take cost-saving measures.
  • The Trump administration has authorized a $20 billion currency swap to prop up the Argentine peso, which has fallen more than 24% against the dollar this year.
  • The bailout is set to double to $40 billion, with an additional $20 billion from banks and sovereign wealth funds being marshaled to help Argentina make its foreign debt payments.
  • Argentina has defaulted or restructured its sovereign debt five times, raising concerns about the bailout decision.

Sources:

  • Columbus Dispatch: "Trump tariffs cost Grove City manufacturing company Tosoh SMD, Inc. millions this year"
  • Washington Post: "Bessent says bailout for Argentina will double to boost U.S. influence in region"

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