Tougher trade barriers being considered.
LG is said to be preparing for all possibilities, in response to possible US protectionism action against foreign home appliances. In October, the International Trade Commission decided that LG and Samsung Electronics domestic washing machine exports to the US are harming the US industry and followed an earlier petition, filed by US appliance maker Whirlpool that called for tougher barriers.
“As it is hard to predict the future, we are only reviewing various scenarios internally,” LG president of home appliances and air solutions, Song Dae-hyun said. He added that there is speculation that other home appliances may fall victim to President Donald Trump’s growing protectionist stance.
In a report in The Korea Times, Song said the companies home appliance division’s fundamentals “remain strong” and it will be expanding its portfolio of premium products. Song also said LG will focus on developing Internet of Things (IoT) technology for its products next year. “Smart home solutions based on artificial intelligence technologies are becoming the mainstream of the market,” Song said.