While running for office last fall, Donald Trump regularly derided the economy under Joe Biden, promising that if he were elected, he would fix everything. Things have been tumultuous so far under Trump, with concerns over tariffs and immigration. The White House recently got more bad news as more than 170 companies said they would lay off workers in June.
Uncertainty is a Major Problem
The president announced his initial tariff plan in early April, and the measures were much broader than expected. After a poor reaction from the global markets, Trump pulled back, saying he would negotiate 90 deals in 90 days with the countries involved.
The Deal-Making Is Not Going Well
Trump has long painted himself as the ultimate deal maker, but things are going slowly when it comes to creating new tariff agreements. There has been very little momentum so far on new agreements, and some of the largest companies in the world are taking notice.
Intel Had The Biggest Layoffs of the Year So Far
The major technology company Intel has been struggling with competition in recent years, and they announced a new CEO, Lip Bu-Tan, in March. In April, Intel revealed that it would be laying off 22,000 employees, representing 20% of its workforce.
Microsoft Followed Suit A Few Weeks Later
Another giant technology company, Microsoft, decided to lay off a percentage of its workforce. The firm laid off 6,000 of its workers in the spring, which represented 3%. They will be conducting more layoffs in July.
The Reasons For the Layoffs Have Been Somewhat Vague
When companies make these kinds of reductions, they usually give a boilerplate statement as to why the decision is being made. Most companies so far this year have mentioned restructuring as a way to create growth.
Tech Companies Are Giving a New Reason
While not all of them have, some tech companies have acknowledged that artificial intelligence has something to do with their layoffs. This is a notable confession, as AI has grown by leaps and bounds and is now having an effect on workforce reductions.
One Company Asked Workers to Compare Themselves to Artificial Intelligence
Shopify, a company based in Canada that helps retailers with their point-of-sale platforms, wants its employees to explain why they are more capable than their AI counterparts. The company shrank its workforce by 40%.
Companies That Could Be Hit by Tariffs Are Included
Procter & Gamble makes Tide Pods and Pampers, two products that could be affected by tariffs, and the company has said that it may have to raise prices. P&G is also reducing its headcount, as the company has laid off 15% of its employees.
Disney Is Getting In on the Act
Disney has always been seen as a successful and growing company, but the media empire is cutting hundreds of employees from its rolls. These layoffs will mostly be occurring within the film and television marketing departments.
Warner Bros. is Another Media Company Making Cuts
Warner Bros. is making cuts, and they reflect the changes in the media industry. The company is laying off 100 people in a measure to streamline their business into two parts: one focused on streaming and one focused on networks.
Wal-Mart Is Being Affected by New Laws
Wal-Mart has already drawn the ire of Donald Trump by saying the company would need to raise prices due to tariffs. Now the company will be laying off workers in California, Texas, and Florida after legal protections were removed concerning some migrant workers.
Financial Institutions Are Announcing Layoffs As Well
The economic recovery from the COVID-19 pandemic went much better than expected. Trump’s actions involving immigration and tariffs have created a certain degree of uncertainty in the market. And that is hurting financial institutions, which want to be able to forecast ahead for as long as possible.
That Includes JP Morgan Chase
Jamie Dimon, the CEO of JP Morgan Chase and one of the most powerful people in the world of finance, has been openly critical of Donald Trump and his tariff plan. Chase has gone through three rounds of layoffs in 2025, including cutting 145 jobs in June.
And Also Wells Fargo
Like Chase, fellow banking giant Wells Fargo has conducted a series of layoffs so far in 2025. The latest of those cuts was announced for June and focused on its Des Moines, Iowa, office. The bank says that the cuts are due to a slowdown in consumer lending.
Rite Aid is Laying Off a Large Number of Employees
Many chain pharmacies are going through financial problems, and Rite Aid is among the hardest hit. The large chain is not only laying off workers but also closing a large number of stores. Rite Aid filed for Chapter 11 bankruptcy in May 2025.
Some States Were Hit Harder Than Others
It is no surprise that some of the biggest states have announced the largest-scale job cuts, with California and Texas leading the way. Rounding out the top five for the most layoffs per state are Georgia, Maryland, and Illinois.
Unemployment Numbers Have Remained Strong
One of the highlights of Joe Biden’s presidency was the fact that while the country was recovering from a global pandemic, the United States reported low unemployment throughout his term. That number has remained strong so far in Donald Trump’s term as well.
The Trump Administration Did Slash Jobs
Upon taking over in the White House, Donald Trump authorized Elon Musk to cut thousands of federal jobs. With little explanation on how the job cuts were decided, the tech billionaire fired more than 280,000 federal workers from their jobs.
Conclusion
Companies are having trouble charting their futures right now as the uncertainty of tariffs looms large. With a clear lack of information on the future, many businesses are playing things close to the vest. There are also worries about mass deportations and the effect those could have on businesses as well.