LG to raise washing machine prices amid new Trump tariffs
Price hike comes after Trump administration announced steep tariffs on laundry appliances and solar panels.
Get ready to pay more for LG washing machines.
LG has notified retailers it plans to raise the prices on its washing machines following President Donald Trump's decision to impose steep tariffs on imported laundry appliances.
"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, said in a memo to retailers in a memo Wednesday and reviewed by The Wall Street Journal.
Industry observers told the Journal they expect LG to increase the retail prices on its washers and dryers by about $50.
The Trump administration announced Monday it would impose a 20 percent tariff on the first 1.2 million washing machines imported in year one, with that number jumping to 50 percent for all subsequent imports. The action follows complaints from US-based manufacturer Whirlpool against Korean-based manufacturers Samsung and LG, both relatively recent rivals in the US appliances market.
The Trump administration also announced tariffs on imported solar panels.
It wasn't immediately clear whether LG competitor Samsung planned to raise prices as well.
Representatives for LG and Samsung didn't immediately respond to a request for comment.
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