OUCH: Washing machine prices to spike 15% amid Trump tariffs

Last week, President Donald Trump approved several new tariffs on imports of solar products and washing machines. Supporters of the move are celebrating, arguing that American jobs will be created – a Chinese company is opening a new solar factory in the United States. Opponents warn, however, that prices will rise and jobs will inevitably be lost – like previous tariffs have shown.

Moving forward, consumers can expect to see a big jump in the price of a washing machine.

According to Gary Hufbauer, a senior fellow at the Peterson Institute for International Economics, the price-tag on your typical washing machine will be 15 percent higher soon.

From Cleveland.com:

Hufbauer said that was based on reviews of price hikes following the imposition of tariffs on a number of products over the years and, more recently, on Chinese tires. Economic modeling shows domestic wholesale prices of competing goods rises by a fraction of the new tariff — roughly 30 percent to 70 percent of the new tariff, he said.

When prices go higher, consumers slow down their spending habits, which helps eliminate jobs.

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