LG Electronics is informing retailers to expect price increases on its washing machines, in light of President Donald Trump's decision to impose new protective tariffs. Tariffs will range between 20 and 50 percent on imported residential washing machines.
CNBC reports that Thomas Yoon, executive vice president at LG, told retail partners in a memo, "As a result of the trade situation, we will be initiating pricing actions, which will be sent under separate cover shortly ... We have developed supply-chain plans to help assure a continuous supply of the best quality, most reliable laundry products on the market for your customers."
The move is being praised by U.S.-based appliance manufacturer Whirlpool, which has long lobbied for more protective measures against its Asian rivals. "This is a victory for American workers and consumers alike," Whirlpool Chairman Jeff Fettig said in a press release Monday. "This announcement caps nearly a decade of litigation and will result in new manufacturing jobs." Shares of Whirlpool were up 3.6 percent Wednesday.
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