Shares in appliance maker Whirlpool (WHR -0.57%) were up as much as 9.1% in early trading today. The move comes after a significant de-escalation in the trade conflict between the U.S. and China, as both countries agreed to 90 days of easing tariffs on each other. It's a positive for companies seen as sensitive to a trade war, and Whirlpool is one of them.
What it means to Whirlpool investors
The repercussions for Whirlpool are complicated, and the outcome is unclear. There are a few key considerations.
First, as previously discussed, Whirlpool's management believes it's likely to be a net winner from the tariffs, so it logically follows that a de-escalation might not necessarily be good news for the company.
Second, although the company makes 80% of its U.S. sales in the U.S., it still has to import some components like panels and motors that are made outside the U.S., so a de-escalation of trade conflicts is good news.
Third, as noted by Whirlpool's management on an earnings call in late April, Asian manufacturers pushed through imports in the last quarter of 2024 and the first quarter of 2025 ahead of any potential tariffs. They may do so again with the period of de-escalation, and Whirlpool could face near-term challenges.

Image source: Getty Images.
Fourth, Whirlpool's management believes the administration will close a Section 232 loophole that allows Asian manufacturers to use Chinese steel to manufacture finished goods and not pay tariffs on it when the finished goods are exported to the U.S.
If the administration does this, it will be good news for Whirlpool, but it's not clear how matters will play out, or whether this issue is being discussed in the ongoing negotiations between the U.S. and China.