American Companies Announce Layoffs Amid Tariff Uncertainty

NEW YORK, June 15, 2025 — More than 170 American companies are expected to announce layoffs this month due to uncertainty surrounding tariffs, according to Seeking Alpha. The site tracks job cuts based on Worker Adjustment and Retraining Notification (WARN) Act notices filed by employers.

Morgan Stanley plans to start cutting roles in its New York offices on June 17, while JPMorgan intends to lay off between 100 and 250 employees in New Jersey starting June 23. Wells Fargo may also reduce its workforce in Iowa starting mid-June.

Other companies reportedly planning cuts include Walmart, which began a restructuring process last month. According to WARNTracker, Walmart plans to eliminate 50 to 100 positions in California and between 250 and 500 positions in New Jersey. In recent weeks, 3M has announced layoffs affecting about 6,000 employees to streamline management.

A report from PYMNTS Intelligence highlighted that as of mid-May, only 6% of firms with at least $1 billion in annual revenues replaced foreign suppliers with domestic ones, down from 9.1% in April. Among those firms, less than 30% expressed interest in doing so.

“The responses so far don’t mean that corporate America is fully calling what they might see as the administration’s bluff,” PYMNTS noted. “Instead, they’re scrambling to achieve operational efficiencies as they consider the potential long-term impacts on their businesses.”

The report pointed out that tariffs set by the U.S. administration have fluctuated sharply, with changes ranging from 54% to 145% within a week, leading to a 16.3% drop in U.S. imports from April to May, according to data from the Bureau of Economic Analysis.

Additionally, 92% of chief financial officers surveyed in May reported facing planning challenges due to tariffs, an increase from 86% in April. Most companies indicated they may need to reduce operating costs, including payroll, with over half seeking strategies to manage these new costs.