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https://www.usatoday.com/story/money/2018/01/24/your-lg-washer-may-soon-cost-more/1063022001/

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LG, the South Korean electronics giant, is planning to charge more for its products in the wake of President Trump's decision to allow hefty taxes on washing machines bought from overseas.

According to the Wall Street Journal, LG executive Thomas Yoon said in a memo to its customers that "as a result of the trade situation, we will be initiating pricing actions, which will be sent under separate cover shortly."

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LG did not respond to queries.

More: Trump tariffs on solar panels, washing machines could raise prices

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Industry representatives had predicted that washing machine prices, as well as those for solar panels, would likely increase as a result of the steep new taxes recommended by the U.S. Trade Representative and green lighted by Trump.

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Large imported washing machines and parts will be subject to tariffs of up to 50%, while solar panels will have taxes as high as 30%. While largely aimed at South Korea and China, the new duties will apply with a few exceptions, worldwide.

The tariffs come in the wake of Whirlpool complaining that Korean manufacturers were flooding the U.S. market with steeply discounted washing machines from 2012 to 2016.

Meanwhile, solar makers Suniva and SolarWorld accused China of giving unfair subsidies and financing to its solar producers during that same time period. China manufactures 71% of the world's solar modules.

The U.S. International Trade Commission sided with those companies, stating that the imports were causing "serious injury" to U.S. manufacturers based on a 1974 trade law.

The duty on washing machines will gradually reduce and then expire after three years, while the tax on solar cells and modules phases out after four years.

Though solar and appliance industry representatives say that the taxes will ultimately hurt consumers, some U.S. trade groups say that the policy change will lead to more jobs.

Read or Share this story: https://usat.ly/2DHid1e

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LG, the South Korean electronics giant, is planning to charge more for its products in the wake of President Trump's decision to allow hefty taxes on washing machines bought from overseas.

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Trump decided to put higher taxes on washing machines bought from overseas. He is imposing these new tariffs to "protect American jobs" and workers.  Large imported washing machines and parts will be subject to tariffs of up to 50%. While largely aimed at South Korea and China, the new tariffs will apply with a few exceptions, worldwide.

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Tax: a compulsory payment collected by the government,  distributed by the government for workers' income, business profits, or added to the cost of some goods, services, and transactions.

Tariffs: a system of charges imposed by countries on foreign trade transactions (especially importations).

Imports: a good brought across a national border, from an external source

U.S. Trade Representative: the US government agency responsible for developing and recommending trade policy to the President

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Because there are heavier tariffs, The South Korean electronic company will supply less and charge more for its products.
Therefore supply will decrease thus causing an increase in price and a decrease in quantity.