Raymond James says Market Perform-rated Whirlpool (WHR) is a possible incremental beneficiary of additional tariffs under Section 232 in the near future, though the ultimate policy remains unclear. Just last week, Trump increased section 232 rates on both steel and aluminum to 50% from 25% prior. Thus, the most recent developments seem to point to a redux of the net negative outcome of the first Trump administration, the firm notes. Trump’s executive order last week increasing the 232 rates also amended the list of “derivative products” included in the policy. The final lists published in the Federal Register continue to only include gas ranges, though a few aluminum parts used in appliances were also added. However, Raymond James points out that a list sent out by U.S. Customs on June 4 did include many major appliance categories. Subsequently, this morning, U.S. Customs subsequently sent out a new list, which matched today’s Federal Register. It is unclear to the firm whether the June 4th list was simply a clerical error or a sign of things to come.
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