Trump announces adjustments to tariff quotas for washing machines
President says domestic producers have done better against foreign competition, but there is more work to do
WASHINGTON -- 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.
GET FOX BUSINESS ON THE GO BY CLICKING HERE
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 here in 2018 it would impose tariffs of up to 50 percent on imports of washing machines and key components.
CLICK HERE TO READ MORE ON FOX BUSINESS
In response to the tariffs, LG Electronics Inc (066570.KS) said last year it would raise prices of its washing machines in the United States by about 4 to 8 percent.