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Tue Jul 24, 2018, 09:08 AM

 

Whirlpool loved Trump's tariffs. Now it's struggling

Source: CNN

In January, when Trump announced tariffs on imported washing machines, CEO Marc Bitzer said, "This is, without any doubt, a positive catalyst for Whirlpool."

But the Trump administration didn't stop there. It imposed tariffs on some imported metals, sending raw material prices on steel and aluminum higher. That raised costs for Whirlpool and squeezed profit margins.

The company responded by raising prices on washing machines in the United States, causing some demand to fall.

Whirlpool's (WHR) stock tanked 10% premarket Tuesday after it missed Wall Street's expectations and it cut its full-year outlook in part due to higher costs.

Read more: https://money.cnn.com/2018/07/24/news/companies/whirlpool-washing-machines-trump-tariffs/index.html



LOL.

51 replies, 6866 views

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Reply Whirlpool loved Trump's tariffs. Now it's struggling (Original post)
Nero Mero Jul 2018 OP
underpants Jul 2018 #1
ananda Jul 2018 #2
BumRushDaShow Jul 2018 #4
AirmensMom Jul 2018 #6
MurrayDelph Jul 2018 #36
underpants Jul 2018 #37
BumRushDaShow Jul 2018 #3
Bernardo de La Paz Jul 2018 #9
BumRushDaShow Jul 2018 #13
Fla Dem Jul 2018 #32
BumRushDaShow Jul 2018 #41
hatrack Jul 2018 #5
BootinUp Jul 2018 #7
rainin Jul 2018 #12
mahatmakanejeeves Jul 2018 #8
FakeNoose Jul 2018 #19
CrispyQ Jul 2018 #24
ck4829 Jul 2018 #50
LanternWaste Jul 2018 #48
IronLionZion Jul 2018 #10
AirmensMom Jul 2018 #11
Bengus81 Jul 2018 #16
AirmensMom Jul 2018 #25
Sunlei Jul 2018 #17
luvtheGWN Jul 2018 #20
Moostache Jul 2018 #28
rusty quoin Jul 2018 #51
Historic NY Jul 2018 #14
Roland99 Jul 2018 #15
Bengus81 Jul 2018 #18
matt819 Jul 2018 #21
CrispyQ Jul 2018 #27
matt819 Jul 2018 #29
CrispyQ Jul 2018 #33
JDC Jul 2018 #22
duforsure Jul 2018 #23
MattP Jul 2018 #26
Initech Jul 2018 #30
Adrahil Jul 2018 #31
MosheFeingold Jul 2018 #34
TexasBushwhacker Jul 2018 #47
Nitram Jul 2018 #35
watoos Jul 2018 #38
zentrum Jul 2018 #39
Yavin4 Jul 2018 #40
Hulk Jul 2018 #42
mopinko Jul 2018 #45
Blue Owl Jul 2018 #43
keithbvadu2 Jul 2018 #44
workinclasszero Jul 2018 #46
ck4829 Jul 2018 #49

Response to Nero Mero (Original post)

Tue Jul 24, 2018, 09:11 AM

1. I thought they had a guy who could fix things

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Response to underpants (Reply #1)

Tue Jul 24, 2018, 09:20 AM

2. Lol. That's Maytag!

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Response to ananda (Reply #2)

Tue Jul 24, 2018, 09:24 AM

4. But Maytag is now owned by Whirlpool

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Response to ananda (Reply #2)

Tue Jul 24, 2018, 09:28 AM

6. Whirlpool makes Maytag. n/t

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Response to underpants (Reply #1)

Tue Jul 24, 2018, 11:55 AM

36. Jesse White passed away

The current Maytag Man is Colin Ferguson.



And he's Canadian.

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Response to MurrayDelph (Reply #36)

Tue Jul 24, 2018, 11:57 AM

37. Eureka!

Yeah I was just going old school

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Response to Nero Mero (Original post)

Tue Jul 24, 2018, 09:23 AM

3. And here's the issue with Whirlpool Corp.

They ALSO own these popular and common brands of appliances here in the U.S. -

  • Amana

  • Jenn-Air

  • KitchenAid

  • Maytag

  • Roper



  • So this impacts much of their current portfolio.

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    Response to BumRushDaShow (Reply #3)

    Tue Jul 24, 2018, 09:38 AM

    9. Heavy appliances use lots of metal. . . . nt

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    Response to Bernardo de La Paz (Reply #9)

    Tue Jul 24, 2018, 09:45 AM

    13. As do cars and heavy machinery, which will also get impacted. nt

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    Response to BumRushDaShow (Reply #3)

    Tue Jul 24, 2018, 11:42 AM

    32. Yes, and once prices go up, even if the tariffs are removed, you'll not see the prices come back

    down to where they were a few months ago. So again, the American consumer will be be the ones who gets stiffed by Trump and the Republicans.

    Whirlpool's sales in the United States fell 2.2% last quarter from "very slow market demand." In Europe, the Middle East and Africa, the company's second biggest market, sales tumbled 12%.

    Whirlpool hinted that it planned to continue raising prices to offset raw material inflation, which means that consumers holding out for a cheaper washing machine might have to wait a while.

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    Response to Fla Dem (Reply #32)

    Tue Jul 24, 2018, 12:22 PM

    41. Yup.

    That's what happens with the gasoline prices too. You have that spike in the curve and then the slow tail to reach lower prices off the peak.

    It's the old market adage - "What the market will bear". Of course eventually they end up with warehouses of product sitting there unsold and then the "Supply and Demand" thing is supposed to kick in. Yet some of these businesses are so greedy that they don't care if there's no demand due to the high prices and since they don't want to lose profits, they'd rather cook the books and sell the whole thing to a private equity firm and let them milk it for what is left.

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    Response to Nero Mero (Original post)

    Tue Jul 24, 2018, 09:26 AM

    5. Womp Womp

    .

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    Response to hatrack (Reply #5)

    Tue Jul 24, 2018, 09:31 AM

    7. Lol, nt

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    Response to hatrack (Reply #5)

    Tue Jul 24, 2018, 09:44 AM

    12. Good one!

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    Response to Nero Mero (Original post)

    Tue Jul 24, 2018, 09:32 AM

    8. Not LOL.

    There will be layoffs. Workers will lose their jobs. Local businesses will go under. Public services -- libraries, law enforcement -- will be cut back. Families will break up. Domestic violence will go up. Planned university educations will have to be put off.

    This is no cause for joy.

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    Response to mahatmakanejeeves (Reply #8)

    Tue Jul 24, 2018, 10:39 AM

    19. When the economy improves, those people won't be rehired

    American factories are going full robotics in the next few years. Employees will lose their jobs - permanently. People need to be ready for this, because it's already happening across the country.

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    Response to FakeNoose (Reply #19)

    Tue Jul 24, 2018, 11:09 AM

    24. Last night we watched a short documentary on robotic bartenders.

    It was pretty amazing. You could enter a custom recipe, too. Here's a quick video.



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    Response to FakeNoose (Reply #19)

    Thu Jul 26, 2018, 07:35 AM

    50. Indeed

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    Response to mahatmakanejeeves (Reply #8)

    Wed Jul 25, 2018, 04:43 PM

    48. I see no joy as you do.

    I do however, see satirical responses predicated on the idiocy of the tariffs and those who supported them.

    But yeah... canting can often confuse our perceptions.

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    Response to Nero Mero (Original post)

    Tue Jul 24, 2018, 09:41 AM

    10. Welcome to DU!

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    Response to Nero Mero (Original post)

    Tue Jul 24, 2018, 09:43 AM

    11. We're replacing all our Whirlpool appliances as they reach end of life

    Last edited Tue Jul 24, 2018, 12:23 PM - Edit history (1)

    because 1) they’re overpriced and 2) they are shit, especially for the price. Washer, dryer, refrigerator, microwave, stove top, wall oven, water softener, water heater, and dishwasher... and the only 2 things we haven’t had problems with are the cook top and microwave.

    The refrigerator freezes the lettuce if the freezer’s set cold enough to keep things frozen and the ice maker jams up. Oven blew out its electronics the very first (and only) time I ran the self-cleaner. Parts are falling off the dishwasher and it does a bad job of washing dishes. (But, hey, it has a stainless steel interior that will never wear out.) Washer always did a bad job and smelled moldy, since day 1. My laundry room smelled like something died every time I did a load of laundry. They settled a class action suit about that by sending us $50. Oh wow. And that’s the short list. We will never buy any Whirlpool brand again.

    The Lowe’s salesman was very excited about the tariffs when I went in to shop for a new washer/dryer. He was positive that Whirlpool would do better with the tariffs “that Mr. Trump slapped on” (gag me with a spoon to hear anyone refer to that maggot as “Mr.” in a respectful voice) and supposedly, finally, make a quaility product in the process, at competitive prices. Right. And who is surprised that they raised their prices on already overpriced junk?

    Update: The microwave died just now. We're almost at 100% for the Whirlpool appliances sucking.

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    Response to AirmensMom (Reply #11)

    Tue Jul 24, 2018, 10:03 AM

    16. Done two repairs recently on Whirlpool washer and dryer bought in 2000....

    Not parting with either for new stuff which gets CRAP reviews. Dryers don't have that many parts to them anyway--just replaced a thermal fuse that took me about 20 minutes and a $7.00 part. I've had this done by a repair guy for almost $150 the last time around 2010.

    Washer lid switch started acting up a couple of months ago (won't complete a full cycle when out) and finally shot craps. Bought a new switch/wire harness for $13.00 and spent about an hour or so changing it out.

    YouTube has great vids on how to change this stuff out,I've paid repair guys to replace that dryer thermal fuse two or three times over the years,KICKED myself when I saw a vid on how easy it is to repair.

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    Response to Bengus81 (Reply #16)

    Tue Jul 24, 2018, 11:10 AM

    25. My husband fixes stuff too.

    But at some point, the parts start to get too expensive for a “maybe” and it’s time to replace the appliance. My husband prefers to repair things himself as well.

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    Response to AirmensMom (Reply #11)

    Tue Jul 24, 2018, 10:04 AM

    17. Whirlpool is junk now, most major appliances are. bought last 2 washers at lowes

    a top loader lasted just over a year before the plastic and belt started to break and rub, spin dry didn't spin out like it should. didn't have the extended warrenty so repairs would be about $300 +. everythings plastic inside, made cheap & intended to break. It's assembled on the Mexican border in those USA owned factories where they pay the help $7 a day. Mexico shouldn't let corporations abuse their citizens like that.

    America shouldn't allow corporations to screw Americans with crap products either.



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    Response to Sunlei (Reply #17)

    Tue Jul 24, 2018, 10:47 AM

    20. It's called built-in obsolescence.

    Had to buy a new washer last fall -- Maytag and so far it works well and is a water saver. My dryer is a very old Kenmore (Sears) probably 25 years old. Keeping my fingers crossed but it's still working just fine (although uses more energy than today's models). Relatively new gas stove and dishwasher - KitchenAid -- and no end of problems with the electronics. Give me knobs instead of touchpad any day.

    Dolt45's so-called economic advisors are well past their best-before date. It scares me that they don't understand the tremendous pitfalls of tariffs, or if they do, they don't have the balls to stand up to Trump's abject pettiness (yes, he HATES my Prime Minister) and stupidity. He knows NOTHING about sound economic policy, and they aid and abet his ignorance.

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    Response to luvtheGWN (Reply #20)

    Tue Jul 24, 2018, 11:21 AM

    28. YUP...I was thinking the exact same thing....planned obsolescence is the business model now.

    My parents first refrigerator was bought in the 1966 and was finally replaced for good in 2002 - 36 years in all and the only refrigerator I knew the entire time I grew up in my parents home...

    My first major appliance was bought with my wife - our kitchen and laundry sets - when we bought our home in 1996. The first refrigerator lasted a whopping 12 years before dying in 2008, its replacement bit the dust this year, not even 10 full years after purchase.

    Microwaves? We are on the fourth one already...
    Washer/Dryer? That lasted until 2009, and the replacements are starting act up frequently...

    Dishwasher? Well, fuck that thing...its been broken since 2002 and we simply ignore it and have the kids help with the dishes by hand...

    TVs, phones and PCs are the same - god awful quality, virtually no repair options that are financially viable...disposable tech is infesting the world and we chug along as if the natural resources of the planet are infinite and replenishing.

    Every time I think about it I get depressed at just how stupid humanity has become. We have collectively climbed into our own coffin and are happily pulling the dirt into the grave site.

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    Response to Moostache (Reply #28)

    Thu Jul 26, 2018, 07:48 AM

    51. Yeah. You buy the extended warranty now on the expensive stuff,

     

    not as insurance, but because you know it will break down. They have got it close to a science when it will break down.

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    Response to Nero Mero (Original post)

    Tue Jul 24, 2018, 09:53 AM

    14. I am looking to Fisher-Pakel

    for my new fridge, US companies stopped making the older small sizes that were standard and I'm not about to redo my entire kitchen or cutup solid cherry cabinets. They are a NZ company but now have a US manufacturing base. I have a large commercial style gas stove dual convection ovens, no frills while it was expensive its been great. They cost more but w/o all the extra computer boards and electronics that become the headaches.

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    Response to Nero Mero (Original post)

    Tue Jul 24, 2018, 10:12 AM

    18. Stock pps one year ago was about 193.00,today 130.00. MORE WINNING!!!!!!

    Go DONNIE!!!

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    Response to Nero Mero (Original post)

    Tue Jul 24, 2018, 10:53 AM

    21. Wel, well, well

    I bought a Maytag dishwasher last year. Love it. To the extent you can love a dishwasher.

    I need a stove. Should I support Whirlpool/Maytag, et al or look at non-Whirlpool products?

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    Response to matt819 (Reply #21)

    Tue Jul 24, 2018, 11:17 AM

    27. I bought a Maytag Gemini back in 2004 & still have it & love it.

    It has two ovens, the small one on top & the big one on bottom. No drawer for pans. The little oven heats up in a flash! It's like having a toaster oven, only bigger & not on your counter. I use it almost exclusively. Cooking on a glass stove top took some getting used to but I'm okay with it now. There's a gas version. Also, the Gemini was pretty new back then. I don't know about the quality of the newer versions.

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    Response to CrispyQ (Reply #27)

    Tue Jul 24, 2018, 11:23 AM

    29. You know what the real shame is?

    Everything we do now has a political component to it.

    You can just pop into a store and buy something.

    Whole Foods/Amazon - Jeff Bezos worth $150 billion. Why are you adding to that when he pays his workers crap?

    Appliances - See this post.

    Harley-Davidson - See another post this morning on them.

    Home Depot - Founder/CEO nasty RWer.

    Papa John - Can't buy a fucking pizza without some political component.

    NFL - Like it or hate it, watching football has a social/political edge.

    Walmart - Is it just me, or are they no longer the company that we love to hate because there are so many other choices?

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    Response to matt819 (Reply #29)

    Tue Jul 24, 2018, 11:42 AM

    33. Money has infected everything but losing our government to moneyed interests

    is losing our voice. We need publicly funded elections now. No more multi-million dollar campaign budgets paid by with dark/foreign money. No more media making huge money on advertising & CEOs claiming that even if the race isn't good for America, it's good for CBS. Campaign season needs to be much shorter & clearly defined. No campaigning outside of the allowed time, like president shithole is doing. Reps have two year terms. They are basically in campaign mode constantly. When do they do The People's work, if they are busy raising campaign cash every day, for their next election? Four percent of the US population are millionaires. Fifty percent of Congress are millionaires. That's not even close to representing America. If we get big money out of our electoral process, everything wouldn't be political anymore & that would be a good thing!

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    Response to Nero Mero (Original post)

    Tue Jul 24, 2018, 10:57 AM

    22. There must be a down the drain joke in here somewhere

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    Response to Nero Mero (Original post)

    Tue Jul 24, 2018, 10:57 AM

    23. Companies supporting putin and trump

    Don't deserve our business anymore. When they can't back Democracyor America over putin and trump they should lose their business.

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    Response to Nero Mero (Original post)

    Tue Jul 24, 2018, 11:12 AM

    26. Knob broke on a old dryer they made the part obsolete

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    Response to Nero Mero (Original post)

    Tue Jul 24, 2018, 11:31 AM

    30. Womp womp!

    Hey guys, you voted for this!

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    Response to Nero Mero (Original post)

    Tue Jul 24, 2018, 11:35 AM

    31. All these business geniuses....

     

    Can't see beyond the tip of their nose.

    And some folks in our party need to learn these lessons as well.

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    Response to Nero Mero (Original post)

    Tue Jul 24, 2018, 11:47 AM

    34. It's a poor excuse.

    Whirlpool Corp. bought Italian appliance maker Indesit Co. for $1B. It's been a disaster.

    This is just an excuse.

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    Response to MosheFeingold (Reply #34)

    Wed Jul 25, 2018, 04:21 PM

    47. They've been on a buying spree for several years

    Assuming they didn't have billions gathering dust in the bank, that has to mean they've taken on substantial debt. My guess is it's the debt service that will cause them to tank, not the cost of steel and aluminum. While the cost of raw materials is significant, it doesn't represent the bulk of the cost of the finished product. So a 25% tariff on steel will not increase the cost of a washer by 25%. This may be a lot of bellyaching to prepare the buying public for price hikes. My guess is their price hikes will more than cover the increased cost of metals.

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    Response to Nero Mero (Original post)

    Tue Jul 24, 2018, 11:54 AM

    35. LOL, indeed! Karma's a bitch!

    These so-called brilliant businessmen are clearly a bunch of ignorant dopes. Government isn't the problem, the unfettered blind greed of capitalism is.

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    Response to Nero Mero (Original post)

    Tue Jul 24, 2018, 11:58 AM

    38. It looks like

     

    the farmers who got hurt by tariffs are going to get billions of dollars of taxpayer welfare. I suppose that Trump will just make taxpayers foot the bill for Whirlpool too.

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    Response to Nero Mero (Original post)

    Tue Jul 24, 2018, 11:58 AM

    39. These guys only

    .....care about themselves. The hell with everything until it effects them.

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    Response to Nero Mero (Original post)

    Tue Jul 24, 2018, 12:10 PM

    40. You cannot withdraw from the global economy without intense economic pain

    favor one industry and you hurt a dozen others.

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    Response to Nero Mero (Original post)

    Tue Jul 24, 2018, 01:02 PM

    42. Tariffs make a bigger tax for government

    Not saying that's good...but it does create more tax revenue? Is this the unspoken desire of this evil dictator? Screw the American worker and consumer, but take the heat off the HUGE tax break to corporations and the wealthy by keeping the resulting deficit those tax breaks created down??

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    Response to Hulk (Reply #42)

    Tue Jul 24, 2018, 10:49 PM

    45. my thoughts, too. an invisible sales tax.

     

    but god forbid we have a vat.

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    Response to Nero Mero (Original post)

    Tue Jul 24, 2018, 01:23 PM

    43. Trump left a turd in the Whirlpool

    n/t

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    Response to Nero Mero (Original post)

    Tue Jul 24, 2018, 05:05 PM

    44. Thank you Trump.

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    Response to Nero Mero (Original post)

    Tue Jul 24, 2018, 11:41 PM

    46. Unintended consequences of encouraging a con man

     

    Idiots.

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    Response to Nero Mero (Original post)

    Thu Jul 26, 2018, 07:34 AM

    49. LOL

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