Whirlpool Advocated for Tariffs on Washers. Now, It’s Going Through the Wringers.

The Daily Signal | 3/11/2019 | Staff
TitanSwimr (Posted by) Level 3
Click For Photo: https://www.dailysignal.com/wp-content/uploads/190308_Whirlpool-1024x685.jpg

Michael Bugay is a member of the Young Leaders Program at The Heritage Foundation.

Tori Whiting is the Jay Van Andel trade economist in the Thomas A. Roe Institute for Economic Policy Studies at The Heritage Foundation.

Year - Trump - Administration - Quota - Machines

Last year, the Trump administration implemented a three-year tariff-rate quota on residential washing machines and parts.

The tariffs were implemented because the government determined that washer imports were injuring Whirlpool Corp., the petitioning company and primary domestic manufacturer.

US - International - Trade - Commission - Investigation

The U.S. International Trade Commission recently initiated an investigation to monitor the impact of the tariffs. Specifically, the commission will seek to determine whether the tariffs have helped domestic washer manufacturers, such as Whirlpool, make a “positive adjustment to import competition.”

The trade commission will soon discover, however, that protectionist tariffs have not benefited industry giants like Whirlpool. In fact, the tariffs on washers, coupled with tariffs on steel and aluminum, have come at great costs for Whirlpool and its customers.

Wall - Street - Journal - January - Whirlpool

The Wall Street Journal reported in late January, “Whirlpool shares, down more than 30% over the past 12 months, fell 6.6% in after-hours trading.” The company “also posted its first annual loss since 2002.”

Moreover, the company’s fourth-quarter sales worldwide declined by 4.4 percent. Whirlpool and other washer manufacturers increased the price of their products by upwards of 20 percent in the second quarter of 2018 because of higher input...
(Excerpt) Read more at: The Daily Signal
Wake Up To Breaking News!
Sign In or Register to comment.

Welcome to Long Room!

Where The World Finds Its News!