Whirlpool, whose U.S.-made appliances are primarily sold through Harvey Norman, has lowered its profit forecast for 2025, citing intensifying competition from Chinese manufacturers and the impact of tariffs introduced under President Trump.

Speaking to Bloomberg, Chief Financial Officer Jim Peters explained that Chinese appliance makers, who are able to produce and distribute products faster and more cheaply, have ramped up their marketing spend to capitalize on current market conditions—at Whirlpool’s expense.

The company is now under pressure to manufacture the bulk of its appliances domestically, just as international competitors flood the U.S. market with imported goods—affecting not only Whirlpool, but several other appliance brands.

Aggressive promotions by Asian rivals have already led to a decline in Whirlpool’s market share this year. In after-hours trading, Whirlpool shares dropped approximately 13%.

In its latest quarter, the company reported a 5.4% decline in net sales, with sales of large appliances in its core U.S. market falling 4.7%.

Despite the downturn, Whirlpool is sticking with its full-year sales projection of around $15.8 billion, slightly ahead of analysts’ estimates of US$15.6 billion.

Peters remains optimistic that the Trump-era tariff policy will eventually play to Whirlpool’s strengths, with 80% of its large appliances already manufactured in the U.S.

“We still strongly believe the tariffs will help us,” Peters said. “Once fully in place, they provide an advantage. But for now, it’s a matter of timing.”

He expects appliance imports to slow in the second half of 2025, potentially lifting sales in the final quarter and into next year. However, a broader recovery in appliance demand depends on the state of the housing market, which Peters noted remains “under supplied” and weighed down by persistently high mortgage rates.

“We do expect consumer spending to rebound eventually,” Peters said. “It’s unlikely this year, but possibly sometime next year.”

Meanwhile, European appliance makers such as Electrolux and BSH—producers of Bosch, NEFF, and Gaggenau—are enjoying a rise in U.S. market sales.