WEBVTT - Whirlpool CEO Marc Bitzer Talks Quarterly Earnings

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<v Speaker 1>Bloomberg Audio Studios, podcasts, radio news.

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

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<v Speaker 2>He's the CEO of Rolpool 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 I'm doing well well, Thanks for having

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<v Speaker 3>me back.

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<v Speaker 2>How is the environment?

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<v Speaker 4>Well?

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<v Speaker 3>You know, I mean, obviously we saw in our earnings

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<v Speaker 3>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 3>I mean, we're basically I would consider our business largely

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<v Speaker 3>on track. We hit the EPs pretty much in line

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<v Speaker 3>with consensus. On organic revenues, we're up two percent almost

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<v Speaker 3>six percent margin, which puts us on track to our

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<v Speaker 3>folio guidance, and we're reconfirming guidance. So I mean, obviously

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<v Speaker 3>it's not all euphoric, but give them everything else going on,

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<v Speaker 3>I think we should feel pretty good about being on

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<v Speaker 3>track in the current environment.

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<v Speaker 1>How would you describe the US consumer right now?

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<v Speaker 3>Yeah, I mean, obviously it's been a lot of all

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<v Speaker 3>utility also a consumer side, and I think, if you

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<v Speaker 3>want to say so, we're probably a little bit cannery

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<v Speaker 3>and the cold mine when it comes to consumer confidence

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<v Speaker 3>and the reason why I'm saying this one. You know,

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<v Speaker 3>every day, you know, many companies have a big order pipeline.

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<v Speaker 3>Our orders are pretty much seven days, so I see

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<v Speaker 3>it pretty fast if consumer orders something or not. And

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<v Speaker 3>we saw actually a very healthy consumer sentiment following the

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<v Speaker 3>election pretty much through January mid February, and then we

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<v Speaker 3>saw a clear deteriation of consumer confidence in particular particular

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<v Speaker 3>on my discretionary side of demand. Now I think that

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<v Speaker 3>continued to also in Q two. So we see right

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<v Speaker 3>now the consumer probably lacks confidence about the financial future

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<v Speaker 3>and holding back discretionary purchases.

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<v Speaker 1>Why does that compare with your where consumers have been

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<v Speaker 1>during your tenure at Whirlpool, Because we've spoken to you

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<v Speaker 1>quite a bit over the last few years, throughouts, through downs,

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<v Speaker 1>through relatively calm periods. How would you describe the consumer

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<v Speaker 1>right now relative to where the consumer has been during

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<v Speaker 1>your tenure?

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<v Speaker 3>Yeah, twenty six years, so don't have enough time to

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<v Speaker 3>go give you all the ups and But is it.

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<v Speaker 1>Better than the pat gives it's a great view. Is

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<v Speaker 1>it better than the financial crisis? Better than the dot

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<v Speaker 1>com bust? Better than covid?

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

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<v Speaker 3>How should I put from an economic perspective, it doesn't

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<v Speaker 3>not from a human perspective. From an economic perspective, I

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<v Speaker 3>think there's a lot of similarities to what we saw

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<v Speaker 3>in the early days of COVID. And what I'm saying

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<v Speaker 3>is one consumers, it just there's a you know, everyday

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<v Speaker 3>new messages which don't necessarily help consumer confidence. So from

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<v Speaker 3>a preer consumer confidence perspective, we just want to have

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<v Speaker 3>stability in the message. I think consumers can deal with

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<v Speaker 3>good or bad news. It's just the every day changing

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<v Speaker 3>news and the uncertainty which neither helps business investors or consumers.

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<v Speaker 3>And I think so the drop wich we've seen kind

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<v Speaker 3>of in the course of six weeks, yep, that was

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<v Speaker 3>probably among the biggest jobs I've seen.

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<v Speaker 2>Now.

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<v Speaker 3>Hopefully at one point we will also come back up again,

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<v Speaker 3>but right now, by drop was pretty fast and pretty drastic.

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<v Speaker 2>So we love talking with you. We 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 global trade, global

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<v Speaker 2>supply chains. Tell us about your supply chain and how

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<v Speaker 2>the US China or just the US TERRORFF trade war

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

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<v Speaker 3>First all, Carol, I want to give you credit, but

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<v Speaker 3>it took you two question free to raise the ward teriff.

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<v Speaker 2>I'm trying. I'm trying to you.

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<v Speaker 3>Kudos to you, And obviously there's a lot of moving

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<v Speaker 3>parts of play. Ultimately comes back to we are kind

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<v Speaker 3>of the only and last American appliance company, and we

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<v Speaker 3>produce eighty percent of what we sell in the US

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<v Speaker 3>in US, and of what we produce in US, more

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<v Speaker 3>than eighty percent of parts are sourced in the US,

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<v Speaker 3>So we are a domestic producer. I know a lot

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<v Speaker 3>of companies talk about reshoring or on showing. We never

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<v Speaker 3>left okay, and that's a big difference. So as such,

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<v Speaker 3>even what we're all faced with some headwinds in particular components, etc.

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<v Speaker 3>Ultimately we will be a net winner because we're a

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<v Speaker 3>domestic producer. And in this case this is different from

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<v Speaker 3>other industries. There's capacity. We have enough capacity, enough factories

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<v Speaker 3>to fill them, and I appreciate other industries. You know,

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<v Speaker 3>it may take some time, but I think ultimately, and

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<v Speaker 3>we all don't know what the final final picture for

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<v Speaker 3>tariffs is but something will be there, and we do

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<v Speaker 3>see us benefiting from this one.

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<v Speaker 2>There's a couple of things I wanted to ask you, Like,

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<v Speaker 2>we just have a headline crossing and there's lots of

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<v Speaker 2>headlines that are constantly coming at us, and this one

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<v Speaker 2>is from the ft that the President is going to

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<v Speaker 2>exempt carmakers from some US tariffs. How do you want

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<v Speaker 2>to see this trade war play out? Because I'm assuming

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<v Speaker 2>that some of these tariffs help you domestically.

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<v Speaker 3>Well, and again I think that probably needs a libit explanation.

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<v Speaker 3>So Carol, actually, we're not asking for exemptions. We're not

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<v Speaker 3>asking for tech subsidies or gifts or handouts or whatever

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<v Speaker 3>there are right now in the the pre existing so

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<v Speaker 3>called two thirty two and three or one arffs, there

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<v Speaker 3>are loopholes which hurt US and they structurally benefit Asian

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<v Speaker 3>producers and the it's put it in simple terms, you know,

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<v Speaker 3>because of two thirty two terraffs, I pay in US

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<v Speaker 3>for steel two or three times more than Asia steel,

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<v Speaker 3>and any component which I can't get them US, like

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<v Speaker 3>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 3>In Vietnam or Korea they don't have to pay the tariffs,

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<v Speaker 3>and steel they don't have to pay the tariffs of components.

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<v Speaker 3>That difference is big. It's about seventy dollars per product.

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<v Speaker 3>So put that in retail price, that basically means one

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<v Speaker 3>hundred and fifty dollars different retail price. So all we

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<v Speaker 3>ask for is just close the loophole. We're all in

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<v Speaker 3>support of having a strong US based steel production. I

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<v Speaker 3>think it's we all agree it's important. Just close the loophole.

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<v Speaker 3>That's all we ask for. So we don't ask for

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<v Speaker 3>special treatment, Just close the loophole. Take the disadvantage away. Again,

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<v Speaker 3>I'm not looking for an unfair advantage. We're just looking

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<v Speaker 3>for a level playing field and then when we can

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<v Speaker 3>compete very So.

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<v Speaker 2>We're talking, of course with Mark Bitzer. He is chief

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<v Speaker 2>executive officer at Whirlpool Corporation, joining us from Michigan. One

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<v Speaker 2>thing I want to ask you what you have learned

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<v Speaker 2>about manufacturing in the United States. Is there a lesson

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<v Speaker 2>or something a message you'd like to share with other

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<v Speaker 2>folks who are saying I can't manufacture in the United States.

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<v Speaker 3>You know, and again it's Carol, as you can probably

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<v Speaker 3>tell from my accent, that dual citizen of American and German.

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<v Speaker 3>So to say it's sit here and saying I'm staying

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<v Speaker 3>here for patriotic reason, it's probably not credible. US production

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<v Speaker 3>can be working well well, and I really and I'm

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<v Speaker 3>proud of our ten strong factors in the US. And

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<v Speaker 3>if you go to a factory like in Clyde o'

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<v Speaker 3>hi where you have three generational factor workers, vis a

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<v Speaker 3>proud people who have worked very hard. So I know

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<v Speaker 3>there's now a lot of jokes about US manufacturing. You

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<v Speaker 3>can produce in US, and there's a very good skilled

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<v Speaker 3>workforce which you can have as long as we don't

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<v Speaker 3>harm ourselves with kind of you know, issues which make

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<v Speaker 3>production more difficult in US, like Steve price, component costs.

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<v Speaker 3>So I really, I know some people are hesitating about

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<v Speaker 3>moving back to US. We have been producing the US

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<v Speaker 3>one hundred and fourteen years this success.

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<v Speaker 1>So you know, I'm curious about since you already produce

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<v Speaker 1>here in the US, and you have eighty percent of

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<v Speaker 1>the production that goes to the US actually being made here,

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<v Speaker 1>plus you source a lot of the parts here, you're

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<v Speaker 1>relatively unaffected by tariffs. Would you say that the tariffs

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<v Speaker 1>that the Trump administration has proposed or is even putting

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<v Speaker 1>on have been a net benefit for your business.

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<v Speaker 3>You know, it's again so far, there's more announcements than

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<v Speaker 3>already action in place. So so far what is in

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<v Speaker 3>places for two thirty two and the ten percent tariffs?

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<v Speaker 4>But you know, I go back to and I know

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<v Speaker 4>there's a lot.

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<v Speaker 3>Of talk about what the previous Trump administration did, but

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<v Speaker 3>two A one tariffs in twenty eighteen, because I know

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<v Speaker 3>there's a lot of talk about debate, race prize or not.

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<v Speaker 3>If you now today look back, these terarifs were put

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<v Speaker 3>in place in twenty eighteen, and where we are today.

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<v Speaker 4>Washer prices today are lower. We earned two or fourteen.

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<v Speaker 3>So tell me one product category which has low price

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<v Speaker 3>has been two or fourteen and compared to twenty eighteen,

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<v Speaker 3>there's two more factories producing washes in US.

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<v Speaker 4>So from that perspective, but the.

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<v Speaker 3>Prior Trump administration did actually in our industry worked. It

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<v Speaker 3>brought new production and the prices did not raise. Now

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<v Speaker 3>there's always some moving parts as you go through this one,

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<v Speaker 3>but it worked. Now that may be different in other industries,

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<v Speaker 3>but I think I know ironestry pretty well. You add

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<v Speaker 3>production capacity to ultimately build benefit for consumer.

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<v Speaker 1>Does the risk though of declining US consumer sentiment as

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<v Speaker 1>a result of rising prices in other categories and concerns

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<v Speaker 1>about uncertainty moving forward? Does that way to a greater

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<v Speaker 1>extent than the benefit that you get from tariffs as

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<v Speaker 1>a US producer of products.

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<v Speaker 3>Yeah, I mean I think it's a fair question. Of course,

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<v Speaker 3>in the short term there will be called wobbling as

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<v Speaker 3>along the way. But I think, as I mentioned earlier,

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<v Speaker 3>consumer confidence can drop fast, but it can also increase

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<v Speaker 3>pretty fast. Seem that in Q four, So I would say,

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<v Speaker 3>you know what I describe on a structural capacity, these

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<v Speaker 3>are long term effects. I mean, you don't build factories

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<v Speaker 3>on wheels, but you build them for thular fifty years. Yeah,

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<v Speaker 3>consumer confidence moves within a quarter. So I think even

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<v Speaker 3>though there may be some volatility and consumer confidence, I

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<v Speaker 3>think the long term benefits will clearly output the negative

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<v Speaker 3>short term consumer sentiment mark.

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<v Speaker 2>You definitely have a global perspective. I think there's some

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<v Speaker 2>concerns though that the longer this trade back and forth,

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<v Speaker 2>especially between the United States and China, but really between

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<v Speaker 2>the US and the world, that there will be long

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<v Speaker 2>term damage. How do you see it?

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<v Speaker 3>Well, you know it's again I can speak more for

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<v Speaker 3>my industry. I think ultimately what the current administration is

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<v Speaker 3>trying to do in our industry, I support, of course,

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<v Speaker 3>because we're a US producer. I think the most important thing,

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<v Speaker 3>and that is not only for our innestry. People just

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<v Speaker 3>want to have predictability. Okay, if you have pretty much

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<v Speaker 3>every day of changing problem definition, that just makes it

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<v Speaker 3>hard because you don't plan industrial production. You don't make

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<v Speaker 3>industrial decisions if you don't know if that assumption is

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<v Speaker 3>true tomorrow.

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<v Speaker 4>So I think.

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<v Speaker 3>Everybody will deal with whatever it is if I know

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<v Speaker 3>this is now, that's a picture and it's going to

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<v Speaker 3>be stable and people can count on this one. So

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<v Speaker 3>I think it's more stability and predictability more than anything else,

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<v Speaker 3>which I would be hoping for.

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<v Speaker 1>You mentioned that much of the sourcing that you do

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<v Speaker 1>for the US based production is actually domestic sourcing. Still,

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<v Speaker 1>I imagine there are components that are made outside of

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<v Speaker 1>the US. Do you anticipate any supply chain issues as

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<v Speaker 1>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 3>And part of that is today our disadvantage because there

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<v Speaker 3>are as you point out some components I can't buy

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<v Speaker 3>in US, like an LED panel for washer and that

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<v Speaker 3>kind of stuff. So today we have to pay tariffs,

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<v Speaker 3>while anybody producing Thailand Vietnam doesn't have to pay tariffs.

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<v Speaker 3>I think over time, I would expect that for the

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<v Speaker 3>vast majority of these components, over time where will be

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<v Speaker 3>supply based ibor in US or Mexico. And we see

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<v Speaker 3>already some early indications it will take its time in

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<v Speaker 3>particular and electronic side more than anything else, but more

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<v Speaker 3>of a mechanic parts like motors, et cetera.

0:11:09.320 --> 0:11:10.960
<v Speaker 4>I think it will be quickly resolved.

0:11:11.200 --> 0:11:12.600
<v Speaker 2>All right, I just want to know, have you created

0:11:12.640 --> 0:11:15.080
<v Speaker 2>a dishwasher that my husband and I don't have to

0:11:15.080 --> 0:11:17.000
<v Speaker 2>like argue over who's going to load it and unload it?

0:11:17.040 --> 0:11:18.400
<v Speaker 2>I just want to know, how do you have one

0:11:18.440 --> 0:11:21.360
<v Speaker 2>like that, a robotic one that actually unloads and unloads.

0:11:21.400 --> 0:11:22.199
<v Speaker 2>Have we gotten there?

0:11:23.040 --> 0:11:23.240
<v Speaker 4>Yeah?

0:11:23.400 --> 0:11:25.160
<v Speaker 3>Well, if you have a patent, let me know and

0:11:25.200 --> 0:11:29.000
<v Speaker 3>we can hire you as an engineer. You know, first

0:11:29.000 --> 0:11:32.280
<v Speaker 3>of all, I pride ourselves we have a best dishorsher

0:11:32.280 --> 0:11:35.640
<v Speaker 3>with the biggest capacity in the industry. Unfortunately, it doesn't

0:11:35.640 --> 0:11:38.880
<v Speaker 3>load itself. I feel the same pain every day at home.

0:11:39.080 --> 0:11:42.640
<v Speaker 3>Not every day, at least I'm accused of that every day.

0:11:43.240 --> 0:11:45.720
<v Speaker 2>Hey, listen, one last question. Do we have to be

0:11:45.720 --> 0:11:48.320
<v Speaker 2>worried about a global recession? Is that anything that's on

0:11:48.360 --> 0:11:48.800
<v Speaker 2>your radar?

0:11:48.840 --> 0:11:52.560
<v Speaker 3>Just real quickly. I mean again, that's why I said,

0:11:52.600 --> 0:11:56.480
<v Speaker 3>Carol Earl. It feels a little bit economically to step

0:11:56.559 --> 0:11:59.040
<v Speaker 3>back to earlier days of COVID and whatever else. It's

0:11:59.080 --> 0:12:02.960
<v Speaker 3>just an uncertain out I think right now the odds

0:12:02.960 --> 0:12:05.920
<v Speaker 3>of a recession have increased. I'm not quite sure we're

0:12:05.960 --> 0:12:08.240
<v Speaker 3>all the way there. It depends a lot what happens

0:12:08.240 --> 0:12:11.479
<v Speaker 3>the next two three weeks weeks in terms of business predictability.

0:12:11.840 --> 0:12:14.080
<v Speaker 3>But I think we're living with an uncertain outcome, and

0:12:14.120 --> 0:12:15.800
<v Speaker 3>that's what our job is to manage towards that.

0:12:15.920 --> 0:12:17.440
<v Speaker 2>All right, Well, when I get that design for that

0:12:17.520 --> 0:12:19.760
<v Speaker 2>dishwasher that loads and unloads itself, I'll let you know.

0:12:19.800 --> 0:12:23.319
<v Speaker 2>Mark bitzer b Well, CEO Werepool Corporation. This is Bloomberg