- US-based appliance firm Whirlpool says it will be a "net winner" from Trump's tariffs.
- Whirlpool produces around 80% of its products in the US, it said in a presentation this week.
- "Expect tariff policies to level the playing field for domestic producers," it said.
US-based appliance company Whirlpool says it will be one of the winners of President Donald Trump's global trade battle.
"With 80% domestic production, Whirlpool is a net winner of new tariff policies!" — the company said in a presentation released alongside its first quarter this week.
Whirlpool manufactures kitchen and laundry appliances, operating brands including KitchenAid, Whirlpool, and JennAir.
"Expect tariff policies to level the playing field for domestic producers," the presentation, which was positive about Trump's tariffs, said.
In the same presentation, Whirlpool accused companies producing products in Asia of exploiting "loopholes" since 2020 that enable them to make the same product for a cheaper cost, with a $70-per-unit price difference.
From cheaper steel prices and no steel tariffs paid on components in Asia's supply chain, Whirlpool believes the tariffs will "eliminate this unfair disadvantage."
To mitigate the impact of the tariffs, the company announced a price increase for components in April.
Whirlpool has 10 production plants based in the US, and around 80% of its products are assembled and sold in the US.
"New reciprocal tariffs begin leveling the playing field, and additional US trade actions will better support American manufacturing."
"We continue to stay focused on what is within our control in this dynamic environment and successfully implemented previously announced pricing actions," said Jim Peters, Whirlpool's chief financial and administrative officer.
Whirlpool released its Q1 earnings on Wednesday. It revealed net sales declined by 19.4% as the "threat of retaliatory tariffs, started to impact our business in Canada."
