Caterpillar is laying off 120 temporary workers at a plant in Victoria, Texas, a result of the Trump administration's trade war with China. The cuts will impact workers at a hydraulic excavator factory. The heavy equipment manufacturer has seen its Asian sales drop 13 percent due to shrinking Chinese demand and competition from lower-cost domestic rivals.
During a recent earnings call, Caterpillar Chairman and CEO Jim Umpleby said, “our volumes declined as dealers reduced their inventories, and end-user demand, while positive, was lower than our expectations."
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