In response to the Trump administration's decision to impose steep tariffs on washing machine and solar panel imports,... Korea's LG Electronics has said it will raise the retail prices of most of its washing machines in the U.S.
Park Ji-won has this report.
LG Electronics will raise the prices of its washing machine models in the U.S. market due to changes in the terms of trade.
It explained the move in a letter to U.S. retailers on Wednesday, but didn't mention the details or timing of the price increases.
The move came,... two days after the Trump administration decided to impose safeguard measures against imports of Korean washing machines and solar panels.
While American companies like Whirlpool welcomed such strong trade barriers,... industry watchers in the U.S. warned that the tariffs would increase prices and reduce choice for American consumers.
Solar energy companies said that the tariff will actually hurt the industry and potentially threaten tens of thousands of jobs in the U.S. due to falling demand and investment.
Meanwhile,... the South Korean government made an official request for negotiations with the United States Trade Representative regarding the safeguard measures,... which is a requirement of the consultation process set by the World Trade Organisation.
Earlier this week,... U.S. Trade Representative Robert Lighthizer said the Trump administration approved a 20-percent tariff on the first 1-point-two million imported washing machines,... and a 50-percent tariff on washers above that number,.... as well as a 30-percent tariff on solar cells,... in order to protect American producers in those industries.
Park Ji-won, Arirang News.