Swedish appliance manufacturer pulls plug on $250 million Tennessee plant investment in retaliation for Trump tariffs
March 03, 2018
According to Reuters, Swedish appliance manufacturer Electrolux announced on Friday that it will put off a plan to make a $250 million investment in a plant in Springfield, Tenn., after President Trump's announcement of new tariffs on aluminum and steel.
The report states that the company is waiting to see the final details of Trump's proposed 25 percent tariffs on steel imports and 10 percent on aluminum imports before making a decision to once again proceed
The company's decision stands out because Electrolux already purchases all the steel it uses in its U.S. products domestically.
“We are putting it on hold. We believe that tariffs could cause a pretty significant increase in the price of steel on the U.S. market,” company spokesman Daniel Frykholm said.