'Don't fret' response to massive job losses in Virginia under Trump won't cut it for me
By Abigail Spanberger
Published July 18, 2025
Virginians recently learned that our commonwealth has lost our spot as "America's Top State for Business." One major factor was singled out as leading to the downgrade — the widespread economic impact of DOGE's attacks on the jobs of thousands of Virginians.
I've always supported responsible efforts to eliminate waste, fraud, and abuse — as well as corruption. In the U.S. House of Representatives, I even led the bipartisan push to ban members of Congress and their spouses from trading individual stocks. I believe that our leaders have a responsibility to restore trust in our government, make sure taxpayer dollars are used efficiently, and keep more money in people's pockets.
But in the months since the Trump administration launched DOGE, I've been hearing from Virginians — across the political spectrum — who have lost their jobs or are worried their jobs will be targeted next. And I'm hearing from local business owners and contractors who are worried about their financial futures, as well as business leaders who are concerned about the long-term damage done to Virginia's economy; not just in northern Virginia, but in every corner of our commonwealth. We are home to more than 320,000 federal workers — not even including the private-sector workers who support federal contracts or the small business owners who are seeing Virginians cut back on family budgets.
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It isn't just federal workers who are taking a hit as a result of workforce cuts. A recent University of Virginia study projects that more than 32,000 Virginia jobs will be lost over the course of 2025 in large part because of DOGE. These include federal jobs, manufacturing jobs, food service jobs — real Virginians' jobs across many industries.
The new "America's Top States for Business" rankings make one thing clear: the Trump administration's approach is not working for Virginia. This year, the results specifically cited the disproportionate impacts of the president's actions surrounding federal job cuts, but we haven't seen meaningful guidance from our statewide leaders for Virginians whose lives were upended.
Earlier this year, our governor and lieutenant governor told Virginians who have lost their jobs to simply update their resumes and log on to LinkedIn. That isn't leadership.
Virginia's lieutenant governor, who is also asking Virginians to let her serve as their next governor, has repeatedly laughed off Virginians' job losses. She offered these words of advice: "don't fret." I don't think Virginians in the throes of an unanticipated job search would call that leadership.
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I will never dismiss threats to Virginia's economy. This year's rankings make clear that Virginia's economy remains under threat, and we need a governor who has a plan to build a more resilient economy. Virginians deserve a governor who will put Virginia's economy first in the face of ongoing threats, no matter if it's a Democrat or a Republican in the White House.
If elected to serve as Virginia's next governor, I will take action to make sure Virginia is the best place in the country to start or grow a business. I will focus on leveraging our commonwealth's strengths to attract new investment. Not only will we champion economic development in every corner of Virginia, including our rural communities, but we will focus on the strengths that keep businesses here — including our world-class community colleges and universities, our infrastructure, and our strong workforce.
Whether we agree or disagree on every issue, I hope all Virginians can agree on the need to keep Virginia's economy competitive. Protecting Virginia's economy should be a bipartisan priority.
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I love Virginia, and that's why my husband and I are raising our three daughters here — in the place where we grew up. I want to protect the financial security and opportunities of everyone who calls our commonwealth home. That's why I've focused on lowering costs for all Virginians, not making life harder or creating chaos — and that's why I've already announced my Affordable Virginia Plan to lower health care, housing, and energy costs for Virginia families.
If given the opportunity to serve Virginians as their next governor, I will put a plan in place on day one that is clear-eyed about the challenges ahead of us — not for political gain, but because that's what the people of Virginia deserve at this moment of uncertainty. Print Close
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"These tariff rates are pretty much set." Read more here. Trump introduces tiers for trade partners in latest approach to tariffs President Trump is moving forward on a new suite of tariff rates with an approach increasingly focused on grouping countries into tiers, as opposed to a previous approach of simply looking at the trade balance. The new approach remains heavily influenced by either a trade surplus or a deficit but has grown more complex — some might say more subjective — leading to some consolidation in rate levels and the lowering of rates for many countries to a key new standard of 15%. The new landscape was reflected in Thursday night's executive action announcing rates, which centered around the 15% rate set to be in place next week in about 40 countries. Countries facing that rate include major trading partners that recently struck deals, such as Europe and Japan, as well as smaller nations, from Afghanistan to Zimbabwe. More than 100 countries were excluded altogether from this week's announcement, meaning their rate will stay at 10%. Meanwhile, a third group of about 30 countries will see higher rates ranging from 18% to 50%. Trump and his team are taking an approach that could simplify future negotiations and be more in line with global trade dynamics. Read more here. President Trump is moving forward on a new suite of tariff rates with an approach increasingly focused on grouping countries into tiers, as opposed to a previous approach of simply looking at the trade balance. The new approach remains heavily influenced by either a trade surplus or a deficit but has grown more complex — some might say more subjective — leading to some consolidation in rate levels and the lowering of rates for many countries to a key new standard of 15%. The new landscape was reflected in Thursday night's executive action announcing rates, which centered around the 15% rate set to be in place next week in about 40 countries. Countries facing that rate include major trading partners that recently struck deals, such as Europe and Japan, as well as smaller nations, from Afghanistan to Zimbabwe. More than 100 countries were excluded altogether from this week's announcement, meaning their rate will stay at 10%. Meanwhile, a third group of about 30 countries will see higher rates ranging from 18% to 50%. Trump and his team are taking an approach that could simplify future negotiations and be more in line with global trade dynamics. Read more here. Berkshire's consumer goods companies feel the sting of Trump's tariffs Not even the Oracle of Omaha can avoid the pinch of President Trump's trade war, it seems. Warren Buffett's Berkshire Hathaway said Saturday its consumer goods businesses felt the impact of Trump's trade policy, which raised tariffs on imported goods, Reuters reported: Read more here. Not even the Oracle of Omaha can avoid the pinch of President Trump's trade war, it seems. Warren Buffett's Berkshire Hathaway said Saturday its consumer goods businesses felt the impact of Trump's trade policy, which raised tariffs on imported goods, Reuters reported: Read more here. US has 'makings of a deal' with China, Bessent says Treasury Secretary said on X that the US has "makings of a deal" with China. Reuters reports: Read more here. Treasury Secretary said on X that the US has "makings of a deal" with China. Reuters reports: Read more here. Nike, Deckers, On Running among footwear stocks under pressure as Trump outlines latest tariff plans Footwear companies like Deckers (DECK), Nike (NKE), and On Holding (ONON) are under pressure from President Trump's tariff plans, including new rates released Thursday evening that range from 10% to 40%. Yahoo Finance's Brooke DiPalma reports: Read more here. Footwear companies like Deckers (DECK), Nike (NKE), and On Holding (ONON) are under pressure from President Trump's tariff plans, including new rates released Thursday evening that range from 10% to 40%. Yahoo Finance's Brooke DiPalma reports: Read more here. Stocks sink after Trump's latest tariff blitz Stocks came under pressure Friday after President Trump unveiled his plan for sweeping tariffs on almost all trading partners. Also weighing on sentiment were further signs of cracks in the labor market, punctuated by a weaker-than-expected jobs report released Friday morning. You can check out the latest action and updates in our markets live blog. Stocks came under pressure Friday after President Trump unveiled his plan for sweeping tariffs on almost all trading partners. Also weighing on sentiment were further signs of cracks in the labor market, punctuated by a weaker-than-expected jobs report released Friday morning. You can check out the latest action and updates in our markets live blog. Trump's 40% penalty for tariff dodging missing key details President Trump's tariff surprises are far from over. The US president has threatened to slap an extra 40% tariff on any product that Washington determines to be transshipped via another country. Its believed that this may be punishment, aimed at stopping goods mainly from China dodging US duties. The penalty for transshipping, which is when goods are moved from one type of transport to another, while on the way to where they're going, was included within the White house announcement on Thursday. But countries still do not have all the details. Bloomberg News reports: Read more here. President Trump's tariff surprises are far from over. The US president has threatened to slap an extra 40% tariff on any product that Washington determines to be transshipped via another country. Its believed that this may be punishment, aimed at stopping goods mainly from China dodging US duties. The penalty for transshipping, which is when goods are moved from one type of transport to another, while on the way to where they're going, was included within the White house announcement on Thursday. But countries still do not have all the details. Bloomberg News reports: Read more here. Trump unleashes massive tariffs on Swiss watches, pharma firms Switzerland's exporters are bracing for financial fallout from President Trump's 39% tariffs, one of the steepest rates globally in his escalating trade war. From watch makers to pharmaceutical companies the knock on effect of Trump's new tariffs will be felt. The new tariffs on Switzerland are part of a broader package announced by Trump on Thursday. But Swiss manufacturers warned on Friday that tens of thousands of jobs are at risk due to Trump's tariff hit. Trump's 39% tariffs on Swiss exports do exclude the country's drug sector, but pharmaceutical companies Novartis AG (NVS) and Roche Holding (RHHBY) were one of the 17 global pharma firms to receive a letter from Trump demanding lower prices. "It's a massive shock for the export industry and for the whole country. We are really stunned," said Jean-Philippe Kohl, deputy director of Swissmem, representing the mechanical and electrical engineering industries. Bloomberg News reports: Read more here. Switzerland's exporters are bracing for financial fallout from President Trump's 39% tariffs, one of the steepest rates globally in his escalating trade war. From watch makers to pharmaceutical companies the knock on effect of Trump's new tariffs will be felt. The new tariffs on Switzerland are part of a broader package announced by Trump on Thursday. But Swiss manufacturers warned on Friday that tens of thousands of jobs are at risk due to Trump's tariff hit. Trump's 39% tariffs on Swiss exports do exclude the country's drug sector, but pharmaceutical companies Novartis AG (NVS) and Roche Holding (RHHBY) were one of the 17 global pharma firms to receive a letter from Trump demanding lower prices. "It's a massive shock for the export industry and for the whole country. We are really stunned," said Jean-Philippe Kohl, deputy director of Swissmem, representing the mechanical and electrical engineering industries. Bloomberg News reports: Read more here. Trump unleashes delayed shock for global economy Four months after Donald Trump rattled markets by revealing steep tariff plans, his latest update has drawn a quieter response from investors. Still, average tariffs now sit at 15% - some of the highest since the 1930s - with rates rising further for countries that run trade surpluses with the US. So far, the global economy has absorbed the impact better than expected, but with the new tariffs kicking in that resilience may be tested. Bloomberg News reports: Read more here. Four months after Donald Trump rattled markets by revealing steep tariff plans, his latest update has drawn a quieter response from investors. Still, average tariffs now sit at 15% - some of the highest since the 1930s - with rates rising further for countries that run trade surpluses with the US. So far, the global economy has absorbed the impact better than expected, but with the new tariffs kicking in that resilience may be tested. Bloomberg News reports: Read more here. Copper set for weekly drop on LME after Trump's tariff surprise Copper (HG=F) prices edged higher on Friday but were on track for a weekly drop in London as the market took stock of President Trump's decision to exempt refined forms of the metal from hefty US import tariffs. Bloomberg News reports: Copper (HG=F) prices edged higher on Friday but were on track for a weekly drop in London as the market took stock of President Trump's decision to exempt refined forms of the metal from hefty US import tariffs. Bloomberg News reports: Bangladesh secures 20% US tariff for garments, exporters relieved Bangladesh has negotiated a 20% tariff on exports to the US. This tariff rate has reduced from the initial 37% proposed by President Trump and has brought some relief to the world's second-largest garment supplier. Reuters reports: Read more here. Bangladesh has negotiated a 20% tariff on exports to the US. This tariff rate has reduced from the initial 37% proposed by President Trump and has brought some relief to the world's second-largest garment supplier. Reuters reports: Read more here. Sign in to access your portfolio
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European automakers face profitability squeeze in 2025: Fitch
European carmakers are expected to face a decline in profitability in 2025 due to the combined impact of global trade tensions, weakening demand in China, and the accelerating transition to electric vehicles (EVs), according to Fitch Ratings. Fitch said recently announced U.S. tariffs will have negative consequences for automotive production and sales, prompting manufacturers to reassess their global manufacturing strategies and cut fixed costs. Rising raw material prices and ongoing cost pressures from suppliers are expected to further strain margins. These developments add to Fitch's prior expectation of a low-single-digit decline in European vehicle sales. The credit rating agency warned that tariff risks are especially significant for companies exporting vehicles from Japan, Korea, and Germany to the U.S. Volkswagen is expected to be particularly affected, with its high-margin luxury brands — Audi and Porsche — likely to face pressure on free cash flow and rating headroom. Mercedes-Benz also faces downside risk, as its U.S. production hub for sport utility vehicles could be exposed to retaliatory Chinese tariffs. Fitch noted that while the burden of higher tariffs is likely to be shared between suppliers and automakers, the latter are expected to shoulder the larger share. Disruptions in production may also hit suppliers' cash flows, particularly those highly dependent on automaker volumes. Although a recently announced EU-U.S. trade agreement appears consistent with Fitch's expectations, details remain unclear and require approval from EU member states. Structural challenges also persist. European auto production remains 15%–20% below pre-pandemic levels and is unlikely to recover soon. Fitch attributes this to a slower-than-expected EV transition, growing foreign competition, and shifting consumer preferences. Carmakers like Volkswagen and Stellantis have begun rationalising operations through plant closures and layoffs, which will weigh on short-term cash generation. One-off restructuring costs are expected to amount to roughly 1% of median free cash flow. In China, German premium brands continue to lose market share to domestic players and are experiencing intensifying price competition — even in the typically more resilient premium segment. While some European automakers are partnering with Chinese firms in areas like autonomous driving and software to stem further losses, Fitch does not expect significant improvement in competitive positioning in the near term. On the EV front, Fitch expects European automakers to rebound from a sluggish 2024 with increased battery EV sales in 2025, driven by new model launches and competitive gains against non-EU rivals. However, this growth will come with tighter margins as Chinese brands expand their market presence and infrastructure in Europe. As a result of these pressures, Fitch said profitability and free cash flow generation declined in 2024 and will likely deteriorate further in 2025. The agency has issued Negative Outlooks and taken negative rating actions across the sector. Nevertheless, most investment-grade manufacturers retain solid balance sheets, supported by strong capital structures and net cash positions, which provide some buffer against ongoing challenges. "European automakers face profitability squeeze in 2025: Fitch" was originally created and published by Motor Finance Online, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Sign in to access your portfolio
