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Europe's largest home appliance maker puts $250 million US investment on hold over Trump's tariff

Subtitle this "economic illiterate about to learn the meaning of 'unintended consequences'."

But the dumb-ass at the end of your local bar likes it. Less so if he lives in TN or somewhere else where those consequences will hit home.

Source: Reuters

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.
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"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. ...........................................

Read more: http://www.businessinsider.com/electrolux-ten...iff-2018-3

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