LG, citing Trump moves, tells retailers it will raise prices on washers

LG, citing Trump moves, tells retailers it will raise prices on washers

The U.S. Trade Representative's office says the U.S. approved tariffs as high as fifty-percent on imported washing machines.

LG recently sent a letter to retailers in the U.S. advising them that the cost of most of its washing machines will be increasing due to the import tariffs, according to Reuters.

In the meantime, U.S. President Donald Trump remarked on January 23 (local time) that the measures will urge LG Electronics and Samsung Electronics to keep their promise to build washing machine manufacturing plants in the U.S. He also said that the safeguard measures will lead to no trade war. A 20 percent tariff will apply on the first 1.2 million imported washers in the first year, and a 50 percent tariff on machines above that number.

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"With this decision, the U.S. consumers who want Samsung washer's innovative functions and designs are given the burden of purchasing them at higher prices." the company said, while adding that the production and supplies at the new plant will continue without any problems. The Wall Street Journal reported the price hike would be about $50 on some washer/dryer combinations. Whirlpool had claimed the South Korean firms gained market share in the United States by illegally "dumping" washing machines by selling at well below their production costs.

The Clyde division, which employs more than 3,000 workers, will now operate three shifts and begin producing more washing machines in anticipation of greater demand. Among others, imposing retaliatory tariffs on imported goods from the U.S. is a possible option for the Korean government to minimize the negative impact of the USA restrictions. The tariffs affect panels used on homes and businesses and First Solar primarily provides solar arrays for utilities.

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