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Thursday, Feb. 8th 2018

LG Price Increase Starts March 8

LG will raise prices on washing machines between four and eight percent, LG Spokesman John Taylor told Reuters. The new prices will take effect March 8 and be about $50 per machine, Taylor said.

As reported last month, LG is increasing its prices after President Trump imposed a three-year tariff on imported, large residential washing machines and washing machine parts in January. 

Reuters cited a report in Korea Economic Daily that both LG and Samsung are in discussion with major U.S. retailers about price increases and would raise prices in the second quarter.

Samsung would not comment on possible price hikes.

The tariff rate is 20% on the first 1.2 million washing machines imported in year one, with a 50% rate on subsequent imports. The tariff drops to 18% in year two and 16% in year three, with the subsequent import rate dropping to 45% and 40%. The tariff applies to all countries except Canada.

The same tariff rates apply to covered parts, excluding the first 50,000 units in year one, 70,000 units in year two and 90,000 units in year three.

A company spokeswoman told Reuters LG will concentrate on selling premium washers, priced at $900 or higher.

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