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LG is raising washing machine prices due to new Trump tariff

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posted on Jan, 25 2018 @ 01:54 PM
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So, the threat of raising tariffs has resulted in the start of price increases on imported goods.


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.

LG is raising washing machine prices due to new Trump tariff
How many here this this is a good thing? I mean what is good about making it harder for Americans to buy goods? Aren't we getting squeezed enough? Won't the manufacturers lose sales, and those sales persons here lose their commissions and bonuses?

Well, if you have a short-sighted view of the economy, you may think that way. However, think to the reasoning behind raising a tariff. It makes foreign imports more expensive...yes, but it also has another effect more locally. And, this effect is a positive one.

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.

And this is why......


"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.


Let's hope other foreign manufacturers follow suit and begin to move the manufacturing to the U.S. to avoid the tariff costs to keep their sales goals in line with their bonuses.




posted on Jan, 25 2018 @ 01:57 PM
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a reply to: Krakatoa


The key is whether they price the units built in Tennessee below the tariffed units or at the same price.



posted on Jan, 25 2018 @ 02:01 PM
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a reply to: Krakatoa


Yeah, but with the Trump Tax breaks, the ones enjoying the most savings can now send their clothes to be washed by hand... Soon We will tire of the "winning!! Screw everyone else..."



posted on Jan, 25 2018 @ 02:02 PM
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Save us Hillary.



posted on Jan, 25 2018 @ 02:02 PM
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a reply to: Krakatoa

thats the thing about freedom and capitalism, is LG your only choice?



posted on Jan, 25 2018 @ 02:07 PM
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www.consumerreports.org...

LG can either join the party or be left behind, their call entirely.



posted on Jan, 25 2018 @ 02:08 PM
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a reply to: Krakatoa

Trump's got this one right
That's from a Brit.

If you want to sell something locally make it locally or be forced out by pricing. Wish we had him over here. Benefit the locals through employing them, get the local shops thriving again from wages, services to the manufacturing plant, etc, etc. Totally fantastic and breaking the mould of bringing the goods in from # holes and allowing a few directors to make fortunes while doing nothing to benefit the man in the street in the long term. Up Trump



posted on Jan, 25 2018 @ 02:10 PM
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a reply to: Krakatoa

These young people have no clue how good appliances used to be. Fridges used to last 30 years min, dishwashers would actually clean your dishes. Don't even get me started on Washers and dryers, remember when they actually used water!
These new fangled appliances are pretty, but they don't do the job, you have to run them twice sometimes, how does that save energy/water?



posted on Jan, 25 2018 @ 02:11 PM
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you do understand, that IS the point of tariffs, don't you?

It's to increase the prices on outside good, so people will buy locally produced products made by local works.



posted on Jan, 25 2018 @ 02:14 PM
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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.



posted on Jan, 25 2018 @ 02:15 PM
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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. If the home population includes producers and consumers and people who are both at the same time, then it is necessary to strike a balance somewhere and something has to give.


edit on 25-1-2018 by DISRAELI because: (no reason given)



posted on Jan, 25 2018 @ 02:16 PM
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Looks like that extra $1000 some employers are "giving" to their employees will come in handy when the washer goes out.



posted on Jan, 25 2018 @ 02:17 PM
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a reply to: Krakatoa

Yawn.


The pendulum has shift so far to globalism and predatory capitalism that it had to snap back. I fear that the pendulum may go too far to tariffs and protectionism. But let's not get too far ahead of ourselves.

Seems that the buffet of worker exploitation from 3rd world countries may have to pay a little more to gain access to 1st world markets-in the US anyway.

Lesson, make the stuff in the US.

edit on 25-1-2018 by seasonal because: (no reason given)



posted on Jan, 25 2018 @ 02:18 PM
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LG is raising prices so they make the money not the US government. Price goes up tariff goes down. More money in their pocket.




posted on Jan, 25 2018 @ 02:27 PM
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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.


Yes, don't we know rightly that these things will simply be more expensive, the caveat is by how much....same thing will happen in the UK for many items...that I guess, is when the penny will drop, and the bravado disappear for a lot of people.
Trump today is talking about UK/American trade...how's he going to work his way round any tariffs, or tariff relief without getting a lot backs up elsewhere, and where the quality is good forby.



posted on Jan, 25 2018 @ 02:30 PM
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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.

Make monopolist US companies great again...



posted on Jan, 25 2018 @ 02:32 PM
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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.


Whirlpool is in a whirl, their dryers I think it is, have been going up in smoke all over the UK.
edit on 25-1-2018 by smurfy because: Text.



posted on Jan, 25 2018 @ 02:34 PM
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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.


But it's gone too far. Everything in our local shop is made in asia. All the young kids have no future there's nothing for them to do. Then the drug society takes over. Blimey I swear it's like a scene from Thriller on our local streets, kids zombie out all over the place, communities wrecked so a couple of directors can make more profit from shifting essential white good production overseas. Good on Trump for standing up for the man in the street not the directors



posted on Jan, 25 2018 @ 02:37 PM
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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.


Really?
I've never seen one worth its weight in scrap metal.... partially because they're made almost entirely of plastic.

I've got a washing machine made in america back in the 70's- all steel, and I've had it for 8 years without a single problem- whoever had it before me probably had it for 40 years and only had to replace a belt once.

If I ever have to buy a washing machine (god forbid) some piece of junk LG will be the LAST place I look.

Speed Queen makes the units in the laundrymats- that's probably where I'd be looking first. You know they're shooting for quality above all when their target audience is a laundrymat.

To LG, I say "good!"
Raise your prices. Bring the margain between your junk and the junk made locally closer. Just means more people will buy american, and keep more money circulating here in the states instead of going overseas.



posted on Jan, 25 2018 @ 02:37 PM
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That's fine....I love LG tv's and I'm still using my LG3 cell phone! But their washing machines suck monkey balls. Ours required repair for electrical issue at 2yrs. Proud of my LG3 though....it's like 150 years old in cell phone years




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