Trucking:
Trucking has typically been known as a reliable career choice, although some struggle with the isolation and long hours.
But according to Apollo’s report, the disruptions tariffs will cause to trade, especially with China, will have a negative effect on those working in the trucking industry.
The report suggests that a sharp decline in container-ship voyages from China will significantly reduce freight volumes, meaning fewer trucks will be needed to transport goods.
Apollo estimates that imports accounts for 20% of U.S. trucking volume, which if reduced, would translate to less need for drivers. It also estimates that domestic freight activity will hit a major slowdown by mid-May, with major layoffs to follow in order for trucking companies to cope with the changes.
Add in that President Trump signed an executive order on April 28 that requires all truck drivers to be able to speak English, and even more jobs will be snuffed out.
Retail:
Another blue-collar sector that will suffer because of the tariff environment, according to Apollo, is retail.
Apollo’s data suggests that retail will also face problems due to the decline in container shipments, especially from China. This will lead to stores running out of stock and longer gaps until they are able to refill their shelves. Other items could disappear altogether if they’re too expensive to import.
In addition, Apollo predicts that declining consumer confidence in the economy and fear of spending on anything nonessential will mean a slowdown in retail shopping. After all, less sales means less money to pay staff.
Further, the tariff-driven slowdown could lead to stagflation — stagnant growth combined with high inflation — according to Apollo’s analysis.
https://www.thestreet.com/retail/these-two-industries-could-face-mass-layoffs-this-year
