Whirlpool Corp. shares rose 3.8% in Tuesday premarket trading after news Monday that President Donald Trump would hit imported solar panels and washing machines with a new tariff. The new tax is expected to hit Trump’s desk on Tuesday. The administration is imposing 20% tariffs on the first 1.2 million machines imported each year, and 50% on those after that. There will also be a 50% tariff on washing machine parts. After the news broke, Whirlpool put out a release saying it had added 200 full-time workers in Ohio in anticipation of increased demand. “The new hires are just the beginning of increased investments in innovation, manufacturing and additional manufacturing jobs for Whirlpool and its vendors,” the release said. However, whether the tariffs will give a boost to U.S. manufacturing and jobs is still to be determined, according to The Wall Street Journal. Whirlpool has been embroiled in litigation with Samsung Electronics Co. and LG Electronics Inc. over washing machine imports to the U.S. Whirlpool shares are down nearly 11% for the past year while the S&P 500 index is up 25% for the period.
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