Libby Cantrill, head of U.S. public policy at Pimco, told Barron's Roundtable that she expects President-elect Trump to accomplish this on his first day in office.
South Korea's Samsung Electronics and at least one other consumer electronics maker are considering moving some operations from factories in Mexico to factories in the United States.
The review comes as President Donald Trump is considering imposing 25% tariffs on imports from Canada and Mexico on February 1, a South Korean newspaper reported on Tuesday. .
According to the newspaper, Samsung is considering moving the production of dryers currently carried out at its Queretaro plant to a plant in South Carolina. Korea Economic Newspaper. The South Carolina plant's main product is washing machines, the paper said.
The US facility, located in Newberry County, South Carolina, was established in 2017. Samsung's website says: This was Samsung Electronics Home Appliances America's (SEHA) first home appliance manufacturing facility in the United States.
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People walk past the Samsung Electronics logo outside the Seocho Building in Seoul on July 7, 2022. (JUNG YEON-JE/AFP via Getty Images/Getty Images)
“Before, everything was coming in from across the ocean, so if there was a missing part, delay, or defective material, you had to wait forever,” SEHA production manager Bobby Stevens said in a statement in 2023. It didn't happen,” he said.
“But now, with local materials available, we can get the parts and materials we need to keep everything going in just a few hours, sometimes 10 minutes, which has a huge impact on production here.” “I’m giving,” he said.
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Samsung Electronics washers and dryers are on display and for sale at an airport appliance store on Tuesday, July 30, 2019, in San Jose, California. (David Paul Morris/Bloomberg/Getty Images)
Samsung said in a statement that the Newberry facility generates “nearly $500 million in capital investment for the region” and directly supports “more than 1,500 jobs for local residents as part of our ongoing operations.”
LG Electronics is considering moving its refrigerator business in Mexico to a washer and dryer factory in Tennessee, the Korean Economic Newspaper reported.
| ticker | safety | last | change | change % |
|---|---|---|---|---|
| SSNLF | Samsung Electronics Co., Ltd. | 40.5999 | -17.15 |
-29.70% |
Samsung Electronics and LG Electronics washing machines are displayed for sale at an airport appliance store on Tuesday, July 30, 2019 in San Jose, California. (David Paul Morris/Bloomberg via Getty Images/Getty Images)
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Samsung said it will monitor the situation closely and respond flexibly as it operates production sites in many regions around the world. LG Electronics announced that it plans to adjust its production system and production bases in response to changes in the market.
“Building a factory in the U.S. would not only avoid tariffs, but also give us the 'agility' to deliver products as soon as customers want them,” an anonymous industry source told the media. “If we produce at a factory in the United States, we can shorten the local product supply period by one-fourth.”
Reuters contributed to this report.
