24 January 2018 11:36 am
U.S. President Donald Trump slapped steep tariffs on imported washing machines and solar panels on Monday, giving a boost to Whirlpool Corp and dealing a setback to the renewable energy industry in the first of several potential trade restrictions.
The washer tariffs exceeded the harshest recommendations from International Trade Commission (ITC) members, while the solar tariffs were lower than domestic producers had hoped for. The restrictions aim to help domestic manufacturers but drew complaints that consumer costs for new washers and solar installations will rise.
The move punishes Samsung, which recently began washer production in South Carolina, and LG, which is building a washer factory in Tennessee. “This tariff is a tax on every consumer who wants to buy a washing machine. Everyone will pay more, with fewer choices,” Samsung said in a statement.
LG Electronics said that the decision will hinder the ramp-up and employment prospects of its new plant, which will not begin production until late 2018 or
early 2019.
Trump ignored a recommendation from the ITC to exclude South Korean-produced washers from LG from the tariffs, as prior anti-dumping duties on these machines have been dropped. The decision could also hurt retailer Sears Holdings, whose Kenmore brand sources its larger washers from LG’s overseas factories.
WASHINGTON/LOS ANGELES (Reuters), 23 Jan 2018