Trump announces adjustments to tariff quotas for washing machines

This post was originally published on this site
© Reuters. 2020 World Economic Forum in Davos© Reuters. 2020 World Economic Forum in Davos

WASHINGTON (Reuters) – U.S. President Donald Trump announced on Thursday that tariff quotas on washing machines would be allocated on a quarterly rather than an annual basis, saying that domestic producers had begun to do better in the face of foreign competitors but more was left to be done.

“I have… determined that additional action is necessary to eliminate circumvention of the adjustments to (tariff-rate quotas) on large residential washing machines, by ensuring that within-quota quantities of imports of washers are spread throughout the year,” he said in a presidential proclamation.

Under the original quota system, an annual limit was placed on washer imports. As of Feb.7, the administration will allocate the quota on a quarterly basis, with within-quota quantities of 1.2 million washers.

The Trump administration announced in 2018 it would impose tariffs of up to 50 percent on imports of washing machines and key components.

In response to the tariffs, LG Electronics Inc (KS:) said last year it would raise prices of its washing machines in the United States by about 4 to 8 percent.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

Add Comment