Trump's Tariffs Trigger Layoffs: Monopoly Maker Hasbro Slashes Jobs — These Companies Are Cutting Too - Deere (NYSE:DE), Cleveland-Cliffs (NYSE:CLF)

Monopoly maker Hasbro Inc. HAS announced that it has cut 3% of jobs amid higher tariffs on imports from China. Here’s a list of five other publicly traded companies that have either reduced their workforce or intend to do so due to the impact of tariffs.

What Happened: After announcing 900 job cuts in December 2023, the Hasbro management told Reuters that it laid off 150 employees or 3% of its workforce in its latest cost-cutting effort on June 18, 2025.

According to its fiscal 2024 annual filing, the company had roughly 4,985 employees globally. The company CEO, Chris Cocks had hinted the same during the first quarter earnings call stating that “Ultimately, tariffs translate into higher consumer prices, potential job losses as we adjust to absorb increased costs, and reduced profits for our shareholders.”

He had also said during the same call that the expanded rate on imports from China “is creating volatility and introducing a range of scenarios for how the year could unfold.”

Apart from Hasbro, other firms that have reduced their workforce due to tariffs include;

Stellantis NV STLA: The automaker announced temporary layoffs of 900 workers across five U.S. facilities due to production pauses at its Canadian and Mexican plants, directly linked to tariffs announced in April 2025.

Cleveland-Cliffs Inc. CLF: The steelmaker laid off 1,230 workers, with 600 job cuts at its Dearborn, Michigan, plant and 630 at two iron ore mines in Minnesota, citing falling automotive demand due to tariffs on steel and auto imports.

United Parcel Service Inc. UPS: UPS announced expected layoffs of approximately 20,000 workers in 2025, citing "current macro-economic uncertainty" and reduced shipping volumes due to tariffs.

Volvo ADR VLVL: The company plans to lay off 550–800 workers at three U.S. facilities over three months, citing market uncertainty and reduced demand due to tariffs.

Deere & Co. DE: The tractor manufacturer laid off 9 workers at its Ankeny, Iowa, facility, as per a Nation of Change report. The company expressed concerns about the impact of tariffs on production costs.

Why It Matters: President Donald Trump‘s reciprocal tariffs are on pause till July 9 while the administration is trying to strike deals with its trading partners.

Trump declared a sweeping new trade agreement with China via Truth Social following two days of negotiations in London last week, suggesting major concessions from Beijing and lighter U.S. obligations.

"Full magnets, and any necessary rare earths, will be supplied, up front, by China," Trump said, adding that the U.S. would reciprocate by allowing Chinese students access to U.S. colleges.

The deal includes a significant tariff shift. The U.S. will continue applying tariffs totaling 55% on selected Chinese imports, while China will impose a 10% tariff rate on U.S. goods.

Price Action: The SPDR S&P 500 ETF Trust SPY and Invesco QQQ Trust ETF QQQ, which track the S&P 500 index and Nasdaq 100 index, respectively, fell on Tuesday. The SPY was down 0.85% at $597.53, while the QQQ declined 0.98% to $529.08, according to Benzinga Pro data.