Electrolux to postpone $250M Tennessee financial investment after Trump tariff statement

Swedish home appliance maker Electrolux announced Friday that it will delay a $250 million financial investment to broaden and update a plant in Springfield, Tenn., after President Trump Donald John Trump Accuser says Trump must hesitate of the reality Woman behind pro-Trump Facebook page denies being affected by Russians Shulkin says he has White Home approval to root out’subversion’at VA MORE’s announcement of new tariffs targeting aluminum and steel. Reuters reports that the business is waiting to see the final information of Trump’s proposed 25 percent tariffs on steel imports and 10 percent on aluminum imports before deciding whether to move forward with the plan to expand the business’s Tennessee location.The business’s choice is particularly interesting due to the fact that Electrolux already purchases all the steel it uses in its U.S. products domestically. “We are putting it on hold. Our company believe that tariffs could trigger

a pretty significant increase in the rate of steel on the United States market,”business spokesman Daniel Frykholm said.”[

T] his is not the possibility of tariffs straight impacting our expenses, but rather the impact it might have on the marketplace which it might harm the overall competitiveness

of our operations in the United States,” he added.Trump revealed the tariffs Thursday, shocking numerous in Washington and prompting fears of a global trade war. The president dealt with those worries directly in a tweet Friday morning, declaring that a trade

war would be”easy “to win.”When a nation(U.S.A )is losing numerous billions of dollars on trade with virtually every nation it does service with, trade wars are great, and easy to win,”Trump tweeted.Trump stated Thursday that the final information of his tariff strategy would be

launched next week, while 2 of the closest U.S. allies, Canada and the U.K., have currently revealed issues about the announcement.” It is entirely inappropriate to see any trade with Canada as

a national security risk to the United States,”Canadian Foreign Minister Chrystia Freeland said in a statement.”Need to constraints be enforced on Canadian steel and aluminum items, Canada will take responsive steps to safeguard its trade interests and employees. “

Source

http://thehill.com/policy/finance/376527-electrolux-to-delay-250-million-tennessee-investment-after-trump-tariff