LG Jacks Up Unit Prices Due To Trump’s Tariffs

The Hill reports:

LG Electronics is planning to raise prices on some of its washer and dryer models in response to President Trump’s decision this week to impose hefty new tariffs on imported washing machines. The president on Monday levied tariffs on washers made by LG and Samsung as part of an effort to help U.S. based Whirlpool.

“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 Wall Street Journal.

Many congressional lawmakers and trade experts warn that tariffs will raise prices for consumers, cost U.S. jobs and hurt the economy. “My main concern is that President Trump’s decisions will lead to a flood of Section 201 cases in which U.S. companies ask for tariffs and he increasingly grants it,” said Chad Bown, a trade expert at the Peterson Institute for International Economics.