Hardware Retailing The Industry's Source for Insights and Information
On Jan. 22, the Trump administration announced tariffs on imports of solar panels and washing machines as part of the administration’s focus on “America First,” The Wall Street Journal reports.
According to the article, the tariffs were imposed in an effort to encourage and protect American manufacturing jobs. Last fall, the U.S. International Trade Commission (ITC) released its decision that American solar panel manufacturers were negatively impacted by imported solar panels and solar panel parts, based on cases presented to the Commission by two American solar panel manufacturers. As part of its decision, the ITC recommended tariffs be imposed, but the president needed to make the final decision.
According to The Wall Street Journal, “the tariffs are aimed mainly at Asian manufacturers—Chinese makers of solar panels and South Korean producers of washing machines.”
Rates of up to 50 percent would be imposed on washing machines and solar panels would see rates up to 30 percent. Both tariffs are set to phase out, reports the Journal.
American manufacturer Whirlpool filed a petition saying it is struggling to compete with Asian appliance manufacturers LG and Samsung, The Wall Street Journal reports.
LG has already announced price increases as a result of the tariffs, the Journal reports.
“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.
According to the Journal, experts estimate that retail prices on LG washers will increase about $50, although LG did not confirm the amount.
