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Following the shutdown of a Walmart location two years ago, Element Electronics became one of Fairfield County's largest employers, according to a report by The State. The article reported tariffs have also caused BMW to alert U.S. Commerce Secretary Wilbur Ross that 45,000 more jobs could be at risk in South Carolina. Tariffs may also cause Volvo to go back on its promise to hire 4,000 people in the state.
Element Electronics, a consumer electronics company in South Carolina, says it will be closing its plant in Winnsboro due to tariffs imposed by President Trump.
The State reported Tuesday that the company was one of the largest remaining employers in Fairfield County after the local Walmart, which used to be the largest grocery store in the county, closed its door two years ago.
The news also comes after plans were canceled to build two nuclear reactors in the area, terminating 5,000 construction jobs.
Element TV promotes themselves as "American Made" tiny print assembled
Apparently either the parts or the assembly don't sell very well - 2.5 stars in reviews and sold at Frys or Walmart -- BUT they do have lovely stories on their website.
We are talking semi-conductors and small parts for TV's that are really,really,REALLY cheap.
I'm not saying that really,really cheap TV's don't have a market -- but there might actually be another reason they are not selling. I do feel sorry for the employees - they have only been open a couple of years.
As for the Auto companies - Both are EU and those proposed Tariffs are on hold.
it's a lotta - "could" and it's good propaganda for something we don't know will happen.
Then we get to the Textile company - DuraFiber ...... which shut down over a year ago BEFORE there was any talk of Tariffs.
I can tell you what China did not "predict" or even consider .......
Confucius say - Don't make high price (i.e. Tariff Tax paid by your citizens) on FOOD items you must have (i.e. Soybeans). The Chinese Market is down 25% -- the USA Market is steady or rising.
This is not working well for China.
I guess it's way too much to ask American Citizens to "root for the USA" for a bit instead of these constant ....... The SKY is FALLING articles from Leftists.
Geography aside, there is a lot more to this story …
First, Element pledged during its announcement to bring 500 jobs to Fairfield County (250 of them within the first year of operations), but that clearly didn’t happen. As usual, taxpayer-funded “economic developers” overpromised and underdelivered.
Also, as reporter Rick Brundrett of The Nerve reported several months later, the total amount of taxpayer-funded incentives awarded to this company wound up being more than twice its capital investment.
Element stood to make $14.8 million in government subsidies as part of its deal – well above the $7.5 million it claimed to have invested in South Carolina. In addition to this money, the company received a property tax break that wound up shifting the tax burden even further onto local residents and existing businesses.
Also worth recalling? Michael O’Shaughnessy, Element’s CEO, was implicated in a $3.7 billion, 14-year Ponzi scheme run by Thomas Petters – who owned several companies O’Shaughnessy managed.
Specifically, O’Shaughnessy was alleged to have received an estimated $9.4 million in proceeds from these scams.
Shady stuff, huh? Absolutely … and not a word of it was ever mentioned by the state’s mainstream media.
Now that Element is tanking, though, the company is hoping South Carolinians will forget all of this sketchy history and blame Trump. Exclusively.
That strikes us as unfair … and we aren’t the only ones who think so.
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South Carolina manufacturer says it's closing plant over Trump tariffs
