On Thursday, June 5 at a Deutsche Bank conference in Paris, Procter & Gamble Chief Financial Officer Andre Schulten announced that it will be laying off up to 7000 employees within the next two years.
The Associated Press (AP), reporting on the announcement, noted that these layoffs comprise “approximately 6 percent” of the Cincinnati-based company’s “global workforce.” AP cited “tariff-related costs and customers who have grown anxious about the economy.”
Founded in 1837 by William Procter and James Gamble, the 188-year-old company manufactures a variety of products — from Ivory soap to Tide detergent to Pampers diapers — and is also a major player in television. P&G, during the 20th Century, produced a lot of well-known daytime soap operas, including “As the World Turns,” “The Edge of Night” and “Another World”; in fact, the term “soap opera” came from the fact that the shows were sponsored by P&G and other soap manufacturers.
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P&G’s layoffs announcement is generating a lot of discussion on the Elon Musk-owned X, formerly Twitter. And some X users are pointing the finger at President Donald Trump’s tariffs.
Physician Geoffrey Grammer tweeted, “‘Pampers diaper maker will slash 7,000 jobs as tariffs fuel uncertainty’ – CNN Doesn’t sound like winning to me. Sounds like job losses because of a stupid economic strategy. Trump does not know what he is doing.”
Political scientist Joel Montfort wrote, “P & G will cut 7,000 jobs globally over the next two years amid uncertainty caused by President Trump’s trade war. Making America Unemployed Again.”
Attorney Roger Tansey wrote, “Proctor and Gamble, the world’s largest consumer products company, is raising prices and laying off 7000 employees because of ‘tariff uncertainty.’ This is a harbinger of stagflation. Good job, Trump!”
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X user Neer Varshney posted, “Are investors taking layoffs as a ‘given’ than a ‘positive event’ now? Procter & Gamble $PG up just 0.3% after promising to cut 7,000 jobs over next 2 years.”
Another X user, Bob Moriarty, noted, “The two-year restructuring plan comes as consumer goods giants P&G (PG) and Unilever brace for muted demand in 2025 stemming from growing uncertainty due to US tariffs.”
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