Home appliances manufacturer Whirlpool cut its profit outlook this week, just months after the CEO praised President Trump for imposing tariffs on imported washing machines.
“The global steel costs have risen substantially, and in particular, in the U.S., they have reached unexplainable levels,” Whirpool CEO Marc Bitzer told analysts on a conference call, according to CNNMoney.
Bitzer added that “uncertainty” around additional tariffs and global trade have caused problems for his company’s supply chain.
A day before making the comment to analysts, Whirlpool cut its profit outlook for 2018 partly because of a “challenging cost environment,” according to CNNMoney.
The news site noted that Whirlpool’s stock dropped by 10 percent premarket on Tuesday after it failed to meet Wall Street’s expectations.
The statement from Bitzer comes only months after he praised Trump for imposing tariffs on imported washing machines in January, according to CNNMoney.
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The network added that washing machine prices in June were up about 20 percent from this time in 2017, citing the Labor Department.
Whirlpool’s sales in the U.S. fell by 2.2 percent last quarter, according to CNNMoney.
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Whirlpool slashes profit outlook due to Trump tariffs it previously praised https://t.co/ImnINwJLFD pic.twitter.com/1jJMVDSZnv
— The Hill (@thehill) July 24, 2018
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