LG to Raise Prices on Washers After Trump Imposes Steep Tariffs [View all]

[riversedge]

Source: wsj




Increases of about $50 are likely on at least some washing machines and dryers


LG Electronics Inc. washing machines moving along the production line at the company's factory in Changwon, South Korea. Photo: SeongJoon Cho/Bloomberg News
By Andrew Tangel


Updated Jan. 24, 2018 5:47 p.m. ET
176 COMMENTS

LG Electronics Inc. 066570 -6.39% has told retailers it plans to raise prices on its laundry appliances following President Donald Trump’s approval this week of steep tariffs on imported washing machines.

“As a result of the trade situation, we will be initiating pricing actions, which will be sent under separate cover shortly,” Thomas Yoon, an executive at the South Korean manufacturer, told retailers in a memo dated Wednesday and reviewed by The Wall Street Journal.

Industry experts say they expect LG will raise published retail prices on at least some of its washer and dryer models by approximately $50. Washers and dryers are often sold in pairs.

An LG spokesman confirmed Mr. Yoon had sent the memo but declined to discuss specifics about the potential extent of the price increases or their timing. “The penalties were more severe than recommended by the International Trade Commission, and we’re making some adjustments,” the spokesman said, adding a goal was to minimize disruption for consumers.

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Read more: https://www.wsj.com/articles/lg-to-raise-prices-on-washers-after-trump-imposes-steep-tariffs-1516819656

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I do think this will hurt the average family, person. $50 extra dollars is a lot of money.






Will Trump's Import Tariffs Cause Trade Wars?
President Trump signed an executive order on Tuesday that imposed tariffs on washing machines and solar panels. WSJ's Gerald F. Seib examined whether these moves could ignite a trade war with South Korea and China. Photo: AP