LG Electronics to hike washing machine prices in U.S. after steep tariffs

Reuters News
Posted: Jan 24, 2018 4:08 PM

(Reuters) - LG Electronics Inc <066570.KS> will raise prices of most of its washers in the United States after the government announced steep tariffs on imported large residential washing machines, according to a letter sent by LG to retailers.

The tariffs will affect most front- and top-load type washers, the South Korean company said in the letter, without mentioning the magnitude of the price hikes.

U.S. President Donald Trump approved recommendations to impose safeguard tariffs on the washing machines as well as solar cells and modules in a decision announced on Monday.

The move followed findings by the U.S. International Trade Commission that these imports were "a substantial cause of serious injury to domestic manufacturers."

A 20 percent tariff will apply on the first 1.2 million imported washers in the first year, and a 50 percent tariff on machines above that number.

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LG said on Tuesday it was disappointed by the move and called it a "misguided decision".

(Reporting by Arunima Banerjee in Bengaluru; editing by Sai Sachin Ravikumar)

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