By John Keilman
Some U.S.-based manufacturers say they'll consider bringing production to the U.S. or raising prices to mitigate the effects of Trump administration tariffs on goods coming from Canada, Mexico and China.
Most haven't accounted for tariff hikes in their 2025 financial projections, citing uncertainty about the amount or duration of the duties. But some have nonetheless been making contingency plans for months.
Tool maker Stanley Black & Decker $(SWK)$ has moved some production out of China but has factories in Mexico. Chief Executive Officer Donald Allan told analysts in November that the company was already talking to customers about tariff-related price hikes.
"We are going to be proactive in pricing going forward," he said.
-- 3M $(MMM.AU)$ CEO Bill Brown said the materials company could move some production to its U.S. factories. It imports roughly $850 million of goods from Canada and Mexico.
-- Off-road vehicle maker Polaris, whose largest manufacturing plant is in Mexico, could follow a similar plan, though CEO Michael Speetzen told analysts it would take time. "We have a presence that we would be able to leverage if we viewed this as a more permanent situation," he said.
-- Whirlpool $(WHR)$ CEO Marc Bitzer said more than 80% of the appliances it sells in the U.S. are made in U.S. factories, which puts it in a better position than its competitors: "Most other players are largely import players."
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(END) Dow Jones Newswires
February 03, 2025 04:18 ET (09:18 GMT)
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