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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

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Robert Mueller speaks out on Roger Stone commutation

Former Special Counsel Robert Mueller testifies before the House Permanent Select Committee on Intelligence on Capitol Hill on Wednesday July 24, 2019. Photo: The Washington Post / Contributor

Former special counsel Robert Mueller responded to claims from President Trump and his allies that Roger Stone was a "victim" in the Justice Department's investigation into Russian interference in the 2016 election, writing in a Washington Post op-ed published Saturday: "He remains a convicted felon, and rightly so."

Why it matters: The rare public comments by Mueller come on the heels of President Trump's move to commute the sentence of his longtime associate, who was sentenced in February to 40 months in prison for crimes stemming from the Russia investigation. The controversial decision brought an abrupt end to the possibility of Stone spending time behind bars.

Trump dons face mask during Walter Reed visit

Trump wearing a face mask in Walter Reed National Military Medical Center on July 11. Photo: Alex Edelman/AFP via Getty Images

President Trump wore a face mask during his Saturday visit to Walter Reed National Military Medical Center, according to AP.

Why it matters: This is the first known occasion the president has appeared publicly with a facial covering as recommended by health officials since the coronavirus pandemic began, AP writes.

Updated 4 hours ago - Politics & Policy

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Global: Total confirmed cases as of 5:30 p.m. ET: 12,607,510 — Total deaths: 562,338 — Total recoveries — 6,948,863Map.
  2. U.S.: Total confirmed cases as of 5:30 p.m. ET: 3,228,884 — Total deaths: 134,600 — Total recoveries: 983,185 — Total tested: 38,919,421Map.
  3. Public health: Jimmy and Rosalynn Carter: "Please wear a mask to save lives" Fauci hasn't briefed Trump on the coronavirus pandemic in at least two months — We're losing the war on the coronavirus.
  4. Food: How the coronavirus pandemic boosted alternative meat.
  5. Sports: Charge of "money grab" by college football.
  6. World: India reimposes lockdowns as coronavirus cases soar.