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Expand chart
Data: Company filings; Chart: Harry Stevens/Axios

Whirlpool is selling fewer appliances in its biggest market, but still raking in record profits, according to its first quarter earnings report.

Why it matters: Whirlpool, whose CEO once praised protectionist trade policies, quickly went from the winning side to the losing side of President Trump's trade war. But it's since fended off waning demand with price hikes on washers and dryers, which in turn, has caused even less demand.

The big picture, via the New York Times' Jim Tankersley: "Companies that largely sell imported washers, like Samsung and LG, raised prices to compensate for the tariff costs they had to pay. But domestic manufacturers, like Whirlpool, increased prices, too, largely because they could."

Background: Trump imposed tariffs as high as 50% on imported washing machines in January of last year, which Whirlpool hoped would turn consumers away from its foreign competitors.

  • Months later, the Trump administration announced steel and aluminum tariffs, sending prices for the raw material needed to make appliances higher. "The global steel costs have risen substantially, and in particular, in the US, they have reached unexplainable levels," CEO Marc Bitzer told analysts last year, as CNN reports.

Yes, but: Researchers argue in a paper released this week that the industry's price increases are not a result of higher material costs, but "domestic firms exploiting their market power."

  • Whirlpool isn't denying that. In a release alongside its earnings report, Blitzer attributed the strong results to "successful execution of price increases" despite "a soft demand environment."
  • Shares of Whirlpool rose 8% in late trading on Monday.

Go deeper: Investors don't care about the Trump trade war with China

Go deeper

Biden's Day 1 challenges: The immigration reset

Illustration: Aïda Amer/Axios

President-elect Biden has an aggressive Day One immigration agenda that relies heavily on executive actions to undo President Trump's crackdown.

Why it matters: It's not that easy. Trump issued more than 400 executive actions on immigration. Advocates are fired up. The Supreme Court could threaten the Deferred Action for Childhood Arrivals (DACA) program, and experts warn there could be another surge at the border.

Broncos and 49ers the latest NFL teams impacted by coronavirus crisis

From left, Denver Broncos quarterbacks Drew Lock, Brett Rypien and Jeff Driskel during an August training session at UCHealth Training Center in Englewood, Colorado. Photo: Justin Edmonds/Getty Images

The COVID-19 pandemic has thrown the NFL season into chaos, with all Denver Broncos quarterbacks sidelined, the San Francisco 49ers left without a home or practice ground and much of the Baltimore Ravens team unavailable, per AP.

Driving the news: The Broncos confirmed in a statement Saturday night that quarterbacks Drew Lock, Brett Rypien and Blake Bortles were identified as "high-risk COVID-19 close contacts" and will follow the NFL's mandatory five-day quarantine, making them ineligible for Sunday's game against New Orleans.

Updated 14 hours ago - Politics & Policy

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Health: WHO: AstraZeneca vaccine must be evaluated on "more than a press release."
  2. Politics: McConnell temporarily halts in-person lunches for GOP caucus.
  3. Economy: Safety nets to disappear in DecemberAmazon hires 1,400 workers a day throughout pandemic.
  4. Education: U.S. public school enrollment drops as pandemic persists.
  5. Cities: Surge in cases forces San Francisco to impose curfew — Los Angeles County issues stay-at-home order, limits gatherings.
  6. Sports: NFL bans in-person team activities Monday, Tuesday due to COVID-19 surge — NBA announces new coronavirus protocols.
  7. World: London police arrest more than 150 during anti-lockdown protests — Thailand, Philippines sign deal with AstraZeneca for vaccine.