Goodyear stock falls after Trump tweet calling for boycott

Goodyear Tire & Rubber Company stock fell by as much as 3.5 percent on Wednesday after President Trump called for a boycott over reports that employees in Kansas were told that “Make America Great Again” apparel and other politically affiliated gear is not acceptable at work.

Trump’s tweet, which bluntly stated “Don’t buy GOODYEAR TIRES,” sparked a slide for the Ohio-based company. At the time of the post Wednesday morning, shares were around $9.60. The price fell to about $9.32 in the hours following the tweet, before gradually increasing and closing at $9.50. 

Trump’s call for a boycott came after an NBC affiliate in Topeka, Kan., reported on a Goodyear ban on “MAGA” attire as well as any clothing that features the “Blue Lives Matter” slogan, according to a powerpoint slide from a diversity training session.

Attire supporting “Black Lives Matter” and “Lesbian, Gay, Bisexual, and Transgender pride” was listed as acceptable. 

Don’t buy GOODYEAR TIRES – They announced a BAN ON MAGA HATS. Get better tires for far less! (This is what the Radical Left Democrats do. Two can play the same game, and we have to start playing it now!).

— Donald J. Trump (@realDonaldTrump) August 19, 2020

Goodyear issued a statement clarifying that the diversity training was not released by the corporation’s headquarters and that an image of the diversity training class in Kansas had created “misconceptions” about its policies. 

“To be clear… Goodyear has zero tolerance for any forms of harassment or discrimination. To enable a work environment free of those, we ask that associates refrain from workplace expressions in support of political campaigning for any candidate or political party, as well as similar forms of advocacy that fall outside the scope of racial justice and equity issues,” the company said. 

Trump’s call for a boycott was met with fierce pushback from Ohio lawmakers. Dan Horrigan (D), the mayor of Akron, where Goodyear’s headquarters are based, said in a tweet that Trump was trying to destroy jobs. 

“First, you came to destroy American decency,” he said. “Next, you came to destroy American institutions. Now you’re coming to destroy the American economy and heartland jobs. Luckily you seem to fail at everything you do.”

Rep. Tim Ryan (D-Ohio) told the Daily Beast that Trump’s boycott call was “really dumb politically,” adding that Goodyear is an “iconic American company in a swing state.”

“But it shows the problem that he has — that it’s more about him than it is about other people,” Ryan said. He added in a tweet that Goodyear employs about 3,000 people in Ohio. 

White House press secretary Kayleigh McEnany defended Trump’s call during a press briefing, saying that Goodyear failed to clarify its policy in its statement. 

“As far as I’m concerned, Blue Lives Matter is an equity issue,” she said. “There have been police officers across the country that have been targeted because they wear the badge.”