Newsdeck

Newsdeck

LG will increase washing machine prices due to US tariffs

The US subsidiary of South Korea's LG Electronics warned retailers on Wednesday that it will raise prices of its washing machines following import duties imposed by the Trump administration this week.

It was the first concrete reaction to the trade measures announced this week that have angered US trading partners.

“As a result of the trade situation, we will be initiating pricing actions,” Thomas Yoon, executive vice president of home appliances for LG Electronics USA, said in a letter to retailers.

He said the amount of the price increases would be detailed in separate letters to the stores. The Wall Street Journal reported the price hike would be about $50 on some washer/dryer combinations. 

President Donald Trump put his “America First” doctrine into action on Tuesday by imposing duties of 20 to 50 percent on large washing machines manufactured in China, South Korea, Mexico, and Vietnam, in addition to tariffs on solar panels imported from China.

Seoul has said it plans to take the issue to the World Trade Organization, while Beijing expressed “strong dissatisfaction” with the move adopted to protect US manufacturers. 

But LG assured its retailers that supplies of the appliances would not be disrupted.

“While this is disappointing news, let me assure you that we have planned for this possibility so we can minimize any disruption in supply of LG washers and dryers to you, our valued partners,” Yoon wrote. 

The South Korean company recently completed construction of a washing machine factory in Clarksville, Tennessee, which is expected to start production in the fourth quarter. DM

Gallery

Please peer review 3 community comments before your comment can be posted

We would like our readers to start paying for Daily Maverick...

…but we are not going to force you to. Over 10 million users come to us each month for the news. We have not put it behind a paywall because the truth should not be a luxury.

Instead we ask our readers who can afford to contribute, even a small amount each month, to do so.

If you appreciate it and want to see us keep going then please consider contributing whatever you can.

Support Daily Maverick→
Payment options

Become a Maverick Insider

This could have been a paywall

On another site this would have been a paywall. Maverick Insider keeps our content free for all.

Become an Insider

Every seed of hope will one day sprout.

South African citizens throughout the country are standing up for our human rights. Stay informed, connected and inspired by our weekly FREE Maverick Citizen newsletter.