Europe's largest home appliance maker puts $250 million US investment on hold over Trump's tariff hike by on Mar 2, 2018, 10:12 PM Advertisement
 - Electrolux, Europe’s largest home appliance maker, said it would delay a planned $250 million investment in Tennessee.
- The announcement comes after President Donald Trump announced tariffs on imported aluminum and steel.
- Electrolux buys all the steel it uses in its US products domestically.
- Trump said the duties — 25% on steel imports and 10% on aluminum — would be formally announced next week.
Sweden’s Electrolux, Europe’s largest home appliance maker, said on Friday it would delay a planned $250 million investment in Tennessee, after US President Donald Trump announced tariffs on imported aluminum and steel.
On Thursday, Trump said the duties — 25% on steel imports and 10% on aluminum — would be formally announced next week, although White House officials later said some details still needed to be ironed out. “We are putting it on hold. We believe that tariffs could cause a pretty significant increase in the price of steel on the US market,” Electrolux spokesman Daniel Frykholm said. Electrolux buys all the steel it uses in its US products domestically. “So this is not the possibility of tariffs directly impacting our costs, but rather the impact it could have on the market and that it could damage the overall competitiveness of our operations in the US,” Frykholm said. The company is waiting to see the final details of the US plans before making a final decision, he said. Electrolux had said in January it would invest $250 million to expand and modernize its plant in Springfield, Tennessee. Reporting by Simon Johnson; Editing by Jason Neely and Peter Graff. SEE ALSO: Watch the priceless reactions from Democrats during Trump's gun-control meeting
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