Skip navigation
Trump and Manufacturing
In step with the theme of this yearrsquos Manufacturing Month Whirlpool Corp working to change the perception of manufacturing in America by providing an inside look at its manufacturing processmdashshowing stepbystep how a 14000 pound roll of steel is transformed into a world class premium cooking product through the use of robotics connected technology and skilled manufacturing workersnbspThe company has been investing in its skilled workforce to ensure manufacturing jobs can remain

Whirlpool Not Counting on Trump Resolving Trade Spat With China

For its 2019 forecast, the appliance-maker is factoring in 25% US tariffs on Chinese goods.

Whirlpool Corp. isn’t banking on a trade war resolution any time soon, even with the Trump administration set to meet with Chinese officials this week.

In forecasting its 2019 performance on Tuesday, the appliance-maker said it’s factoring in U.S. tariffs on a list of Chinese goods that are scheduled to jump to 25% in March. That planned increase, along with higher prices for raw materials in general, will cost the company $300 million this year--similar to 2018 levels.

“Without going through all the details and the components, in total you should assume the net of all tariffs right now weigh about $10 million to $12 million every month on us,” Chief Executive Officer Marc Bitzer said on a call with analysts. “That’s just the reality.”

The Trump administration begins meetings on Wednesday with Chinese officials in Washington in the latest effort to hash out a deal. It’s the latest push to ease a dispute that began last year when the U.S. slapped tariffs on steel and aluminum. Since then, hostilities have increased with a series of tit-for-tat levies.

A reprieve came late last year when the White House agreed to delay a tariff increase from 10% to 25% on a list of Chinese goods until March to allow for more negotiations. If the increase doesn’t come to fruition, that could lift Whirlpool’s results, the company said.

“We just don’t have new information” about the tariff landscape, Bitzer said. “We took into account what is known and what has been communicated by the U.S. government.”

Whirlpool shares rose as much as 5.6% to $131.43 on Tuesday, reversing earlier losses.

Hide comments

Comments

  • Allowed HTML tags: <em> <strong> <blockquote> <br> <p>

Plain text

  • No HTML tags allowed.
  • Web page addresses and e-mail addresses turn into links automatically.
  • Lines and paragraphs break automatically.
Publish