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ABB chief warns of possible job cuts in US due to metal tariffs

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ABB chief warns of possible job cuts in US due to metal tariffs

Thousands of ABB Ltd.'s jobs in the U.S. might be at risk due to the tariffs imposed by the Trump administration on global steel and aluminum imports, said Ulrich Spiesshofer, chief executive of the Swiss engineering firm.

Spiesshofer told the Financial Times that the trade restrictions could hurt ABB's facilities that produce high-specification power transformers.

ABB employs more than 20,000 people across the U.S., including 4,000 who are involved in making energy-efficient transformers and motors, according to the publication. The company imports certain types of European and Japanese steel.

"The last time we had tariffs on steel ... jobs were destroyed, and we don't want to have that," Spiesshofer said.

Spiesshofer also said that given the worldwide scope of ABB's supply chains, "it's important that we have access to the appropriate raw materials, to products, that we can exchange components between different continents."

Worries over a possible global trade war could also dampen investment spending, Spiesshofer added.