President Trump will not be amused. In a letter to employees, Boeing VP John Hamilton announces that the company will lay off "hundreds" of engineers as soon as this week, affecting Washington and "other enterprise locations."
As Bloomberg headlines show:
- *BOEING TO SEND NOTICES FOR INVOLUNTARY LAYOFFS APRIL 21
- *BOEING ENGINEERING LAYOFFS PLANNED FOR JUNE 23, 2017
The timing is interesting as the Ex-Im Bank discussions hot up and comes just 2 months after Trump visited Boeing's South Carolina plant.
Standing in front of a new Boeing 787-10 Dreamliner passenger aircraft made at in North Charleston, Trump repeated his campaign promises to promote American production that partly fueled his dizzying path to the White House. He warned of a "substantial penalty" for companies that move jobs out of the United States.
"We want products made by our workers in our factories stamped with those four magnificent words — made in the USA," Trump said.
The share price is entirely unimpressed...