YOUR BUSINESS AUTHORITY
Springfield, MO
YOUR BUSINESS AUTHORITY
Springfield, MO
LG Electronics yesterday informed retailers it would hike its washing machine prices in the wake of President Donald Trump's new tariff.
The Trump administration on Monday announced a 20 percent tariff on the first 1.2 million imported large residential washing machines in the first year, followed by a 50 percent tariff on machines that exceed that number. The tariff is scheduled to sunset in three years.
"As a result of the trade situation, we will be initiating pricing actions, which will be sent under separate cover shortly," Thomas Yoon, executive vice president at LG, told retail partners in a memo. "We have developed supply-chain plans to help assure a continuous supply of the best quality, most reliable laundry products on the market for your customers."
Read more from CNBC.
This installment of Springfield Business Journal’s Architects & Engineers Project Report showcases 26 endeavors by area design and engineering professionals.
Longtime employee sues Ozarks Tech, alleges retaliation
Cavender’s opens hat shop in southeast Springfield
Eric Schmitt introduces Modern Skies Act
Caterpillar to acquire John Fabick Tractor Co.
Springfield airport to cut the ribbon on $35M in construction projects
Legacy Bank accused in lawsuit of failing to protect customers in data breach