Sweden’s Electrolux to delay $250 million investment in Tennessee plant over tariffs: Reuters
Swedish appliance maker Electrolux AB will delay a $250 million investment to expand its plant in Springfield, Tennessee after President Donald Trump announced tariffs on steel and aluminum imports, Reuters reported on Friday. “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,” Electrolux spokesman Daniel Frykholm told the news agency. Trump said Thursday he will announce a 25% tariff on imported steel next week and a 10% tariff on imported aluminum. The news sent the Dow Jones Industrial Average down more than 500 points at its worst level, raising fears of a trade war. The news comes amid growing uncertainty about trade policy. U.S., Canadian and Mexican negotiators are working on reframing NAFTA, but Mexico’s president cancelled a state visit to Washington, D.C. this week. U.S.-listed shares of Electrolux were not yet trading premarket, but have gained 22% in the last 12 months, while the S&P 500 has gained 13%.
Source : MTV
