The U.S. International Trade Commission (ITC) on Tuesday issued guidance for the imposition of a tariff-rate quota on imported washing machines, a remedy following the court’s ruling that Samsung, LG and other international manufacturers were hurting domestic washing machine makers through unfair trade practices.
The ITC suggested a 50% tariff on imported washing machines, which would take effect if imports exceeded 1.2 million units in the first 3 years. While Whirlpool (WHR), which brought the initial complaint against its South Korean rivals, Samsung and LG, earlier this year, recommended a 50% tariff on all washing machine imports, the ITC was conflicted over whether tariffs should be implemented if imports did not reach the 1.2 million threshold.
Meanwhile, seven lawmakers expressed concern in a letter to the ITC chair earlier this month that a 50% tariff could have a negative impact on “American jobs and American consumers.”
Meanwhile, seven lawmakers expressed concern in a letter to the ITC chair earlier this month that a 50% tariff could have a negative impact on “American jobs and American consumers.”
At the heart of the issue for lawmakers is Samsung’s soon-to-open $380 million manufacturing facility in South Carolina, which is expected to produce washing machines for the U.S. market. Lawmakers, with vested interests in the project, believe, and Samsung executives said during congressional testimony last month, that import restrictions could “undermine competition in the marketplace” and “have a negative impact on our ramp-up and transition strategy for South Carolina.”
The plant is expected to begin making parts by January and to employ 1,000 Americans by the end of 2018.
Whirlpool vs. Samsung, LG: US trade court calls for 50% tariff on imported washers | Fox Business
The ITC suggested a 50% tariff on imported washing machines, which would take effect if imports exceeded 1.2 million units in the first 3 years. While Whirlpool (WHR), which brought the initial complaint against its South Korean rivals, Samsung and LG, earlier this year, recommended a 50% tariff on all washing machine imports, the ITC was conflicted over whether tariffs should be implemented if imports did not reach the 1.2 million threshold.
Meanwhile, seven lawmakers expressed concern in a letter to the ITC chair earlier this month that a 50% tariff could have a negative impact on “American jobs and American consumers.”
Meanwhile, seven lawmakers expressed concern in a letter to the ITC chair earlier this month that a 50% tariff could have a negative impact on “American jobs and American consumers.”
At the heart of the issue for lawmakers is Samsung’s soon-to-open $380 million manufacturing facility in South Carolina, which is expected to produce washing machines for the U.S. market. Lawmakers, with vested interests in the project, believe, and Samsung executives said during congressional testimony last month, that import restrictions could “undermine competition in the marketplace” and “have a negative impact on our ramp-up and transition strategy for South Carolina.”
The plant is expected to begin making parts by January and to employ 1,000 Americans by the end of 2018.
Whirlpool vs. Samsung, LG: US trade court calls for 50% tariff on imported washers | Fox Business
