Whirlpool had earlier cheered President Donald Trumps’ tariffs on imported washing machines, hoping the policy to boost the firm's sales.
But Trump’s tariff spree also includes raw material such as steel and aluminum. So now, Whirlpool’s worried that its profit margins are getting crushed by the levies on imported metals that its uses to make its products. The company on Monday lowered its profit outlook for 2018, partly due to a "challenging cost environment."
The company has been hiking prices on its washing machines following Trump’s implementation of the tariffs, amidst flagging sales in recent times.