U.S. home appliance maker Whirlpool has petitioned the U.S. International Trade Commission(ITC) to extend its safeguard on large residential washing machines.
According to industry sources on Thursday, the American company submitted a petition to the ITC earlier this month to extend the safeguard introduced in February 2018.
A safeguard, such as temporarily restricting imports of a product, is enforced to protect a domestic industry from foreign companies that sell imports at a much lower price.
Imported large residential washing machines are subject this year to a 16-percent tariff for the first one-point-two million units, and 40 percent after that.
Whirlpool’s move comes after its sales in the second quarter plunged 22 percent on-year to four-point-04 billion dollars, or about four-point-nine trillion won. That’s far below LG Electronics’ five-point-16 trillion won for its home appliances division.
Both Samsung Electronics and LG Electronics respectively hold 21 percent and 17 percent of the U.S. market share for washing machines, greater than Whirlpool’s 16 percent. –KBS World