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The Water Cooler
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Tariffs: Saving American Jobs Since...Wait, What?
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<blockquote data-quote="Hobbes" data-source="post: 3138057" data-attributes="member: 3371"><p>Remember when Trump imposed a 15% tariff on imported washing machines a few months ago?</p><p>Good news for Whirlpool right?</p><p></p><p></p><p>(Reuters) - Home appliance manufacturer Whirlpool Corp (<a href="https://www.reuters.com/finance/stocks/overview?symbol=WHR.N" target="_blank">WHR.N</a>), an early supporter of tariffs to protect U.S. washing machines, said on Tuesday that U.S. tariffs on steel and aluminum were raising sharply the costs of raw materials, contributing to a slump in second-quarter earnings, and shares fell 15 percent to a two-year low.</p><p></p><p>The Benton Harbor, Michigan-based washing machine maker could be forced to modify its current business practices, it said in a quarterly filing, without giving details.</p><p></p><p>Chief Executive Marc Bitzer told investors on a call on Tuesday that rising costs in raw materials, unit volume decline and foreign currency volatility were factors in a slump in second-quarter earnings.</p><p></p><p>On Monday, Whirlpool reported second-quarter profit after market close that fell short of Wall Street estimates. The company posted a net earnings loss of $657 million, or $9.50 cents per diluted share, in the quarter that ended in June, compared with $189 million, or $2.52 per share, a year earlier.</p><p></p><p>The Trump administration slapped tariffs on imported washing machines earlier this year, which was expected to give Whirlpool a boost.</p><p></p><p><a href="https://www.reuters.com/article/us-whirlpool-results/whirlpool-results-hit-by-tariff-driven-steel-costs-shares-sink-idUSKBN1KE2HY" target="_blank">https://www.reuters.com/article/us-whirlpool-results/whirlpool-results-hit-by-tariff-driven-steel-costs-shares-sink-idUSKBN1KE2HY</a></p></blockquote><p></p>
[QUOTE="Hobbes, post: 3138057, member: 3371"] Remember when Trump imposed a 15% tariff on imported washing machines a few months ago? Good news for Whirlpool right? (Reuters) - Home appliance manufacturer Whirlpool Corp ([URL='https://www.reuters.com/finance/stocks/overview?symbol=WHR.N']WHR.N[/URL]), an early supporter of tariffs to protect U.S. washing machines, said on Tuesday that U.S. tariffs on steel and aluminum were raising sharply the costs of raw materials, contributing to a slump in second-quarter earnings, and shares fell 15 percent to a two-year low. The Benton Harbor, Michigan-based washing machine maker could be forced to modify its current business practices, it said in a quarterly filing, without giving details. Chief Executive Marc Bitzer told investors on a call on Tuesday that rising costs in raw materials, unit volume decline and foreign currency volatility were factors in a slump in second-quarter earnings. On Monday, Whirlpool reported second-quarter profit after market close that fell short of Wall Street estimates. The company posted a net earnings loss of $657 million, or $9.50 cents per diluted share, in the quarter that ended in June, compared with $189 million, or $2.52 per share, a year earlier. The Trump administration slapped tariffs on imported washing machines earlier this year, which was expected to give Whirlpool a boost. [URL]https://www.reuters.com/article/us-whirlpool-results/whirlpool-results-hit-by-tariff-driven-steel-costs-shares-sink-idUSKBN1KE2HY[/URL] [/QUOTE]
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