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LG Electronics told retailers on Wednesday that its laundry machines will get more expensive due to a tariff announced by the Trump administration earlier this week.
"As a result of the trade situation, we will be initiating pricing actions, which will be sent under separate cover shortly," LG executive Thomas Yoon said in a memo obtained by CNNMoney. The note was first reported by the Wall Street Journal.
On Monday, U.S. Trade Representative Robert Lighthizer announced that President Trump approved tariffs on both washing machines and solar panels in order to protect U.S. manufacturing.
"While this is disappointing news, let me assure you that we have planned for this possibility so we can minimize any disruption in supply of LG washers and dryers," Yoon said in the memo.
LG said a new $250 million washer factory that's being built in Clarksville, Tennessee should help ease some pressure, since those washers won't be subject to the tariff.
originally posted by: BlueJacket
a reply to: Krakatoa
thats the thing about freedom and capitalism, is LG your only choice?
originally posted by: AugustusMasonicus
a reply to: Krakatoa
The key is whether they price the units built in Tennessee below the tariffed units or at the same price.
originally posted by: moebius
a reply to: Krakatoa
And Whirlpool is the reason. They can not compete with Korean products, so they've got the US government to do it for them.
originally posted by: DISRAELI
a reply to: Krakatoa
It's the old, old argument that has been going on for two centuries now.
Import tariffs are good for local producers and the people who work for them, bad for consumers.
originally posted by: MteWamp
originally posted by: BlueJacket
a reply to: Krakatoa
thats the thing about freedom and capitalism, is LG your only choice?
Well, just speaking for me personally, when I'M shopping for a new washing machine, LG is ALWAYS the first brand that comes to mind.