Over the last 40 years, a washing machine price-tag has been pretty consistent, rising or falling about five percent.
Soon after President Donald Trump approved 20 and 50 percent tariffs on washing machine imports, as well as the plethora of other tariffs, it was widely agreed upon that washing machine prices would spike, ranging from six to 18 percent (SEE: OUCH: Washing machine prices to spike 15% amid Trump tariffs). This would inevitably hurt consumers’ wallets and do very little to spur the economy.
What has happened over the last three months? Shoppers are paying more for laundry equipment.
Because of President Trump’s tariffs on imported aluminum, steel, washing machines, and washing machine parts, laundry equipment prices surged 16.4 percent from February to May, the biggest three-month price increase in the 40 years history of the Bureau of Labor Statistics (BLS)’s category for Major Appliances: Laundry Equipment.
Here is the chart (courtesy of the American Enterprise Institute (AEI)):
AEI’s Mark Perry slams the president:
“As simple economics tells us, the Trump tariffs on washing machines aren’t imposed on foreign appliance producers like Samsung and LG as much as they are imposed on Americans in the form of higher prices for consumers. Likewise, Trump’s ill-advised trade war, which started in January when he approved the tariffs on imported washing machines, is really largely a war on Americans. The February-May 16.4% increase in the CPI for washing machines is just the first of many price increases on US consumers and firms from Trump’s trade war that are guaranteed to lead to net job losses and impoverish, not enrich Americans.”
Way to spin the facts. I am sure the price increases are on MSRP. But, what you have to factor in, is appliances are highly discounted by most retailers, and even manufactures rebates can add to the savings. I have never paid the MSRP on any appliance purchase, in over 44 years. Last year I purchased a new Whirlpool refrigerator at Lowes-35% off regular price and was approved for a Lowes credit card with zero interest for 12 months. It will be paid off next month. It seems appliances are items that are always on sale, so I do not think it will really affect the price consumers pay by anything close to 16%.