WEBVTT - ICYMI: Whirlpool Corp. CEO Says Tariffs to Benefit Business Going Forward

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<v Speaker 1>Bloomberg Audio Studios, Podcasts, radio news. This is Bloomberg Business

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<v Speaker 1>Week with Carol Masser and Tim Steneveek on Bloomberg Radio.

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<v Speaker 2>Whirlpool the company maintaining its full year financial outlook despite

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<v Speaker 2>uncertainty over global tariffs, saying their long term impact will

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<v Speaker 2>benefit its position in the US home appliance market. We

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<v Speaker 2>are so delighted to have back with us, Mark Bitzer.

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<v Speaker 2>He's the CEO of Worldpool Corporation. He joins us from

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<v Speaker 2>Michigan Market. It is great to have you here with

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<v Speaker 2>Tim and myself.

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<v Speaker 3>How are you.

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<v Speaker 4>I'm doing well well, Thanks for having me back.

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<v Speaker 3>How is the environment well?

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<v Speaker 5>You know, I mean, obviously we saw on our earnings

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<v Speaker 5>release where despite everything else going.

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<v Speaker 4>On, we're pretty pleased with our Q one.

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<v Speaker 5>I mean, we're basically I would consider our business largely

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<v Speaker 5>on track. We hit the EPs pretty much in line

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<v Speaker 5>of CONCERNSUS on organic revenues, we're up two percent almost

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<v Speaker 5>six percent margin, which puts us on track to a

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<v Speaker 5>folio guidance, and we're reconfirming guidance. So, I mean, obviously

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<v Speaker 5>it's not all euphoric, but give them everything else going on,

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<v Speaker 5>I think we should feel pretty good. About being on

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<v Speaker 5>track in the current environment.

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<v Speaker 6>How would you describe the US consumer right now?

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<v Speaker 5>Yeah, I mean, obviously it's been a lot of all

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<v Speaker 5>latility also a consumer side, and I think, if you

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<v Speaker 5>want to say so, we're probably a little bit the

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<v Speaker 5>cannery in the coal mine when it comes to consumer confidence.

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<v Speaker 5>And the reason why I'm saying this one, you know,

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<v Speaker 5>every day, you know, many companies.

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<v Speaker 4>Have a big order pipeline.

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<v Speaker 5>Our orders are pretty much seven days, so I see

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<v Speaker 5>it pretty fast if consumer orders something or not. And

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<v Speaker 5>we saw actually a very healthy consumer sentiment following the

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<v Speaker 5>election pretty much through January mid February, and then we

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<v Speaker 5>saw a clear deteriation of consumer confidence in particular particular

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<v Speaker 5>my discretionary side of demand. And I think that continued

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<v Speaker 5>to also in Q two. So we see right now

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<v Speaker 5>the consumer probably lacks confidence about the financial future and

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<v Speaker 5>holding back discretionary purchases.

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<v Speaker 6>Why does that compare with your where consumers have been

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<v Speaker 6>during your tenure at Whirlpool, Because we've spoke you quite

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<v Speaker 6>a bit over the last few years, throughouts, through downs,

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<v Speaker 6>through relatively calm periods. How would you describe the consumer

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<v Speaker 6>right now relative to where the consumer has been during

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<v Speaker 6>your tenure.

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<v Speaker 5>Yeah, TI twenty six years, so I don't have enough

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<v Speaker 5>time to go give you all the ups and but

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<v Speaker 5>is it.

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<v Speaker 6>Better than that? Gives us a great view? Is it

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<v Speaker 6>better than the financial crisis? Better than the dot com bust?

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<v Speaker 6>Better than covid?

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<v Speaker 4>You know, it's it's.

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<v Speaker 5>How should I put from an economic perspective, it doesn't

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<v Speaker 5>not from a human perspective. From a economic perspective, I

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<v Speaker 5>think there's a lot of similarities to what we saw

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<v Speaker 5>in the early days of COVID. And what I'm saying

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<v Speaker 5>is one consumers, it just there's a you know, everyday

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<v Speaker 5>new messages which don't necessarily help consumer confidence. So from

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<v Speaker 5>a preer consumer confidence perspective, we just want to have

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<v Speaker 5>stability in the message. I think consumers can deal with

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<v Speaker 5>good or bad news. It's just the every day changing

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<v Speaker 5>news and the uncertainty, which neither helps business investors or consumers.

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<v Speaker 5>And I think so the drop that we've seen kind

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<v Speaker 5>of in the course of six weeks, yep, that was

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<v Speaker 5>probably among the biggest jobs I've seen. Now hopefully at

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<v Speaker 5>one point will also come back up again, but right now,

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<v Speaker 5>by drop was pretty fast and pretty drastic.

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<v Speaker 2>So we love talking with you We've got through so

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<v Speaker 2>many cycles together, and I'm just thinking of those who

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<v Speaker 2>are watching and listening to Bloomberg Business Week on this Wednesday.

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<v Speaker 2>I am curious about your supply chain, Like we are

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<v Speaker 2>all getting a great lesson right in.

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<v Speaker 3>Global trade global supply chains.

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<v Speaker 2>Tell us about your supply chain and how the US

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<v Speaker 2>China or just the US terrorff trade war is potentially

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<v Speaker 2>impacting you or making you change it.

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<v Speaker 5>First war, Trol, I want to give you credit, but

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<v Speaker 5>it took you two question free to raise a ward Terraff.

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<v Speaker 3>I'm trying.

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<v Speaker 5>I'm trying you, and obviously there's a lot of moving

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<v Speaker 5>parts of play. Ultimately comes back to we are kind

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<v Speaker 5>of the only and last American appliance company, and we

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<v Speaker 5>use eighty percent of what we sell the US in

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<v Speaker 5>the US, and of what we produce in US, more

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<v Speaker 5>than eighty percent of parts are sourced in the US,

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<v Speaker 5>So we are a domestic producer. I know a lot

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<v Speaker 5>of companies talk about reshoring or on shoring. We never

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<v Speaker 5>left Okay, and that's a big difference. So as such,

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<v Speaker 5>even more, we're also faced with some headwinds in particular components,

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<v Speaker 5>et cetera. Ultimately we will be a net winner because

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<v Speaker 5>we're a domestic producer and in this case this is

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<v Speaker 5>different from other industries.

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<v Speaker 4>There's capacity.

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<v Speaker 5>We have enough capacity, enough factories to fill them, and I.

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<v Speaker 4>Appreciate other industries.

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<v Speaker 5>You know, it may take some time, but I think

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<v Speaker 5>ultimately and we all don't know what the final final

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<v Speaker 5>picture of for tarifs is, but something will be there

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<v Speaker 5>and we do see us benefiting from this one.

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<v Speaker 3>How do you want to see this trade war play out?

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<v Speaker 2>Because I'm assuming that some of these tariffs help you domestically.

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<v Speaker 5>Well, and again I think that probably needs a little

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<v Speaker 5>bit explanation, So Carol, actually we're we're not asking for exemptions.

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<v Speaker 5>We're not asking for text subsidies or gifts or handouts

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<v Speaker 5>or whatever there are right now in the pre existing

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<v Speaker 5>so called two thirty two and three or one tariffs,

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<v Speaker 5>there are loopholes which hurt us and they structurally benefit

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<v Speaker 5>Asian producers. And then it's put it in simple terms,

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<v Speaker 5>you know, because with two thirty two terrafs, I pay

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<v Speaker 5>in US for steel two or three times more than

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<v Speaker 5>Asia steel and any component which I can't get them US,

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<v Speaker 5>like an LED panel, I pay teriffs.

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<v Speaker 4>So if the same product is produced.

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<v Speaker 5>In Vietnam or Korea, they don't have to pay the

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<v Speaker 5>tariffs and steel they don't have to pay tariffs of components.

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<v Speaker 5>That difference is big. It's about seventy dollars per product.

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<v Speaker 5>To put that in retail price, that basically means one

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<v Speaker 5>hundred and fifty dollars different retail price. So all we

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<v Speaker 5>ask for is just close the loophole. We're all in

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<v Speaker 5>support of having a strong US based steel production. I

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<v Speaker 5>think it's we all agree it's important. Just close the loophole.

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<v Speaker 5>That's all we ask for. So we don't ask for

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<v Speaker 5>special treatment, Just close the loophole. Take the disadvantace such

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<v Speaker 5>a way. Again, I'm not looking for an unfair advantage.

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<v Speaker 5>We're just looking for a level playing field and then

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<v Speaker 5>when we can compete very well.

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<v Speaker 3>So we're talking, of course with Mark Bitzer.

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<v Speaker 2>He is chief executive officer at Whirlpool Corporation, joining us

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<v Speaker 2>from Michigan. One thing I want to ask you what

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<v Speaker 2>you have learned about manufacturing in the United States. Is

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<v Speaker 2>there a lesson or something a message you'd like to

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<v Speaker 2>share with other folks who are saying I can't manufacture

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<v Speaker 2>in the United States.

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<v Speaker 5>You know, and again it's Carol, as you can probably

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<v Speaker 5>tell for my accent that dual citizen of American and German,

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<v Speaker 5>so to say sit here and saying I'm staying here

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<v Speaker 5>for patriotic reason, it's probably not credible. US production can

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<v Speaker 5>be working well well, And I really and I'm proud

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<v Speaker 5>of our ten strong factors in the US. And if

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<v Speaker 5>you go to a factory like in Clyde, OHI, where

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<v Speaker 5>you have three generational factor workers, visa proud people who

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<v Speaker 5>have worked very hard. So I know there's now a

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<v Speaker 5>lot of jokes about US manufacturing. You can produce in US,

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<v Speaker 5>and there's a very good skilled workforce which you can

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<v Speaker 5>have as long as we don't harm ourselves with kind

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<v Speaker 5>of you know, issues which make production more difficult in US,

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<v Speaker 5>like steep price and component costs. So I really, I

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<v Speaker 5>know some people are hesitating about moving back to US.

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<v Speaker 5>We have been producing the US for one hundred and

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<v Speaker 5>forteen years with success.

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<v Speaker 6>So you know, I'm curious about since you already produced

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<v Speaker 6>here in the US, and you have eighty percent of

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<v Speaker 6>the production that goes to the US actually being made here,

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<v Speaker 6>plus you source a lot of the parts here, you're

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<v Speaker 6>relatively unaffected by tariffs. Would you say that the tariffs

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<v Speaker 6>that the Trump administration has proposed or is even putting

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<v Speaker 6>on have been a net benefit for your business.

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<v Speaker 5>You know, it's again, so far there's more announcements than

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<v Speaker 5>already action in place. So so far what is in

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<v Speaker 5>place is for two forty two and the ten percent tariffs.

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<v Speaker 4>But you know, I go back to and I know there's.

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<v Speaker 5>A lot of talk about what the previous Trump administration did,

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<v Speaker 5>but two A one tariffs in twenty eighteen, because I

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<v Speaker 5>know there's a lot of talk about debate, race prize

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<v Speaker 5>or not. If you now today look back, these terrors

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<v Speaker 5>were put in place in twenty eighteen, and where we

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<v Speaker 5>are today.

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<v Speaker 4>Washer prices today are lower than mever in two or fourteen.

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<v Speaker 5>So tell me one product category which has lower prices

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<v Speaker 5>been two or fourteen and compared to twenty eighteen, there's

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<v Speaker 5>two more factories.

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<v Speaker 4>Producing washes in US.

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<v Speaker 5>So from that perspective, but the prior Trump administration did

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<v Speaker 5>actually in our industry worked.

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<v Speaker 4>It brought new production and the prices did not raise.

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<v Speaker 5>Now there's always some moving parts as you go through

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<v Speaker 5>this one, but it worked. Now that may be different

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<v Speaker 5>in other industries, but I think, I know ironestry pretty well.

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<v Speaker 5>You add production capacity to ultimately build benefit for consumer.

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<v Speaker 6>Does the risk though, of declining US consumer sentiment as

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<v Speaker 6>a result of rising prices in other categories and concerns

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<v Speaker 6>about uncertainty moving forward, does that weigh to a greater

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<v Speaker 6>extent than the benefit that you get from tariffs as

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<v Speaker 6>a US producer of products.

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<v Speaker 5>Yeah, I mean I think it's a fair question. Of course,

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<v Speaker 5>in the short term there will be called wobbliness along

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<v Speaker 5>the way. But I think, as I mentioned earlier, consumer

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<v Speaker 5>confidence can drop fast, but it can also increase pretty fast.

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<v Speaker 5>We've seen that in Q four, So I would say,

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<v Speaker 5>you know, what I describe on a structural capacity is

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<v Speaker 5>are long term effects. I mean, you don't build factories

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<v Speaker 5>on wheels, but you build them for thular fifty years. Yeah,

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<v Speaker 5>consumer confidence moves within a quarter. So I think even

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<v Speaker 5>though there may be some volatility and consumer confidence, I

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<v Speaker 5>think the long term benefits will clearly out the negative

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<v Speaker 5>short term consumer sentiment mark.

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<v Speaker 3>You definitely have a global perspective.

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<v Speaker 2>I think there's some concerns though that the longer this

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<v Speaker 2>trade back and forth, especially between the United States and China,

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<v Speaker 2>but really between the US and the world that there

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<v Speaker 2>will be long term damage.

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<v Speaker 3>How do you see it?

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<v Speaker 5>Well, you know it's again I can speak more for

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<v Speaker 5>my industry. I think ultimately what the current administration is

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<v Speaker 5>trying to do in our industry I support, of course,

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<v Speaker 5>because we're a US producer. I think the most important

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<v Speaker 5>thing in that it is not only for our innesty.

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<v Speaker 5>People just want to have predictability. Okay, if you have

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<v Speaker 5>pretty much every day changing problem definition, that just makes

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<v Speaker 5>it hard because you don't plan industrial production. You don't

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<v Speaker 5>make industrial decisions if you don't know if that assumption

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<v Speaker 5>is true tomorrow. So I think everybody will deal with

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<v Speaker 5>whatever it is if I know this is now, that's

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<v Speaker 5>a picture and it's going to be stable and people

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<v Speaker 5>can count on this one. So I think it's more

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<v Speaker 5>stability and predictability more than anything else, which I would

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<v Speaker 5>be hoping for.

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<v Speaker 6>You mentioned that much of the sourcing that you do

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<v Speaker 6>for the US based production is actually domestic sourcing. Still,

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<v Speaker 6>I imagine there are components that are made outside of

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<v Speaker 6>the US. Do you anticipate any supply chain issues as

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<v Speaker 6>a result of what we've seen happening.

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<v Speaker 4>Yeah, and it's a little bit.

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<v Speaker 5>And part of that is today our disadvantage because there are,

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<v Speaker 5>as you point out, some components I can't buy in

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<v Speaker 5>you as like an LED panel for washer, that kind

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<v Speaker 5>of stuff. So today we have to pay terffs, while

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<v Speaker 5>anybody producing Thailand Vietnam doesn't have to pay teriffs. I

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<v Speaker 5>think over time, I would expect that for the investment

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<v Speaker 5>majority of these components over time where will be supply

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<v Speaker 5>based ibor in US or Mexico. And we see already

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<v Speaker 5>some early indications it will take its time, in particular

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<v Speaker 5>in the electronic side more than anything else, but more

0:11:13.640 --> 0:11:15.319
<v Speaker 5>of a mechanic parts like motors, etc.

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<v Speaker 4>I think it will be quickly resolved.

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<v Speaker 3>All right, I just want to know.

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<v Speaker 2>Have you created a dishwasher that my husband I don't

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<v Speaker 2>have to like argue over who's going to load it

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<v Speaker 2>and unloaded?

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<v Speaker 3>I just want to know, how do you have one

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<v Speaker 3>like that, a robotic one that actually unloads and unloads.

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<v Speaker 3>Have we gotten there?

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<v Speaker 4>Yeah, well, if you have a patent, let me know

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<v Speaker 4>and we can hire you as an engineer.

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<v Speaker 5>You know, first of all, I pride ourselves we have

0:11:37.640 --> 0:11:41.520
<v Speaker 5>the best dish washer with the biggest capacity in the industry. Unfortunately,

0:11:41.559 --> 0:11:44.720
<v Speaker 5>it doesn't load itself. I feel the same pain every

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<v Speaker 5>day at home. Not every day, at least I'm accused

0:11:48.000 --> 0:11:48.760
<v Speaker 5>of that every day.

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<v Speaker 3>Hey, listen, one last question. Do we have to be

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<v Speaker 3>worried about global recession? Is that anything that's on your radar?

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<v Speaker 4>Just real quickly?

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<v Speaker 5>I mean again, that's why I said, Carol Earl is

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<v Speaker 5>a little bit economically to set back to earlier days

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<v Speaker 5>of COVID and whatever else. It's just an uncertain outcome.

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<v Speaker 5>I think right now the odds of a recession have increased.

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<v Speaker 5>I'm not quite sure we're all the way there. It

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<v Speaker 5>depends a lot what happens the next two three weeks

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<v Speaker 5>weeks in terms of business predictability. But I think we're

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<v Speaker 5>living with an uncertain outcome, and that's what our job

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<v Speaker 5>is to manage towards that.

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<v Speaker 2>All right, Well, when I get that design for that

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<v Speaker 2>dishwasher that loads and unloads itself, I'll let you know.

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<v Speaker 3>Mark Bitzer b Well, CEO were Pool Corporation,