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Samsung

Samsung Device Prices Have Risen Due to US-China Trade War

MIAMI – Samsung North America CEO, Tim Baxter, said that President Trump’s pricing on steel and aluminum is impacting the prices of his appliances, Fox Business reported Wednesday.
The industry eventually ended up imposing a $100 increase on almost all laundry products after the imposition of Section 201, Baxter said in an exclusive interview with Liz Claman on Monday. So a category that was growing with GDP is actually contracted in 2018.
The Samsung rose appliance prices due to the commercial war between china and the USA opens a new window, the first 1.2 million imported washing machines were subject to 20% tariffs in 2018, followed by 50% of all subsequent imports. Washing machines recorded a record price increase of 18.2% from March to June 2018, making it the largest quarterly increase ever recorded in 40 years of follow-up, according to the Bureau of Labor Statistics.
Despite the trade war, Baxter said Samsung had managed to retain its market share last year.
“Although the industry has declined slightly in 2018, we have maintained our market share at 19%, a leading position in the industry,” said Baxter at the Consumer Electronics Show in Las Vegas.
Samsung warned that in its last quarter, the company’s revenue had fallen by 29 percent, partly due to the weak Chinese economy and global outlook.
According to Baxter, Samsung had a very good year, generating operating profits of more than $50 billion in 2018. “The fourth quarter was definitely a quarter-over-quarter slowdown, and we are attributing in part to data center memory demand and the maturity of the mobile business,” he said. “We think the two will recover in 2019.
(Sahar News Monitoring Desk)

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