Mark Cuban shot again at Donald Trump after the previous president threatened Illinois-based John Deere with a 200% tariff on its merchandise if it goes forward with its plans to maneuver a few of its manufacturing to Mexico.
The Shark Tank star and ardent Kamala Harris supporter stated in a put up on X that Trump’s plan confirmed an absence of enterprise understanding. Particularly if the tariff on John Deere have been to be decrease than any imposed on China, it might be disastrous for the corporate, Cuban added.
“Good way to destroy a legendary American company and increase costs to American buyers,” he wrote.
This Lack of Understanding of Enterprise is insane.
Put a 200% tariff on the American firm shifting some manufacturing to Mexico
However tariff Chinese language producers 10 or 20%, in order that the Chinese language merchandise can be cheaper to promote within the US than the American firm.
Good strategy to… https://t.co/c23eVGMSeB
— Mark Cuban (@mcuban) September 23, 2024
Throughout a coverage roundtable in Pennsylvania Monday, Trump attacked the tractor maker’s plans, introduced in June, to maneuver its manufacturing of skid steer loaders and compact observe loaders from Iowa to a facility in Mexico. The corporate has already laid off lots of of staff in Iowa.
The previous president and Republican presidential nominee stated he would hit John Deere and another firm that did the identical with a mega tariff as a result of the transfer is “hurting our farmers, it’s hurting our manufacturing.”
“They think they’re going to make product cheaper in Mexico and then sell it in for the same price as they did before, make a lot of money by getting rid of our labor and our jobs,” Trump stated.
In response to a request for remark, a John Deere spokesperson referred Fortune to a web site touting its dedication to U.S. manufacturing.
“Deere is constantly reviewing production efficiencies and product/component moves to optimize manufacturing floor space in the U.S. and to leverage the highly skilled production workforce in the U.S. to build our most innovative new machines like the 9RX tractor,” the spokesperson stated in a press release.
In a reply to different customers on X, Cuban wrote that whereas he didn’t encourage American producers to maneuver to Mexico, he stated that doing so was inside the guidelines of the USMCA commerce settlement that Trump helped orchestrate whereas he was in workplace. Both approach, he wrote, tariffs will not be the answer.
“The evidence is firm, that across the board tariffs are inflationary,” Cuban wrote.
The billionaire Shark Tank star has beforehand attacked Trump’s enterprise document and stated that whereas he doesn’t hate the Republican presidential candidate, he simply thinks “he was and would be a lousy president.”
Cuban has boosted Vice President Kamala Harris since she introduced she was becoming a member of the race in July. He has typically promoted Harris as the higher candidate for U.S. enterprise and has even provided himself up as a attainable future SEC chairman.
“She is Pro Business. More supportive of entrepreneurs than any candidate in a long time,” he wrote in a put up earlier this month.
