ATLANTA - If you've been putting off getting that much-needed washing machine, you may want to get to it. Prices on some brands are expected to take a jump.
The reason? Import tariffs. Steep tariffs were recently imposed after American manufacturers of washing machines said overseas companies are hurting their sales.
These are the impacted brands - LG and Samsung. Both are very popular in the US. According to Consumer Reports, these brands do very well in their testing, in part, because of their advanced innovation. If the washing machine makers decide to pass this cost along to the consumer, Goldman Sachs says, you could see a 20 percent spike in price.
This is not about unfair trade practices. American consumers simply prefer these, so the manufacturers want to make them less appealing by raising their cost. Now, because dryers are often bought with the washing machines, it could impact the dryer cost, too. This increased tariff also impacts imported solar panels.
The price tag won't likely go up until the end of this year or maybe early next year. But that's not firm. The good news is that in anticipation, overseas shipments were up, so there is still lower-priced inventory.