Tariffs and trade wars are eating into business at Whirlpool (WHR -10.60%), causing the company to miss expectations. Investors are worried there is no quick fix, sending Whirlpool shares down 11% as of 10:30 Eastern.

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A short-term shortfall?

Whirlpool is one of the potential long-term winners from a trade war, with a relatively large U.S. manufacturing footprint and a business vulnerable to foreign competition. But the tariffs have been more talk than action so far, and that is weighing on returns.

Whirlpool earned $1.34 per share in the quarter on revenue of $3.78 billion, missing expectations by $0.40 per share and $100 million in revenue. Sales were down 5.3% year over year.

The culprit, according to management, was a pre-tariff stockpiling of foreign-made units.

"As expected, the second quarter continued to be impacted by competitors stockpiling Asian imports into the U.S.," CEO Marc Bitzer said in a statement. "Despite this, we are well positioned in North America with a robust pipeline of new products, the industry's leading U.S. manufacturing footprint, and favorable housing demand fundamentals."

For the full year, Whirlpool is expecting revenue of about $15.8 billion and GAAP earnings per share of between $5 and $7. In 2024, the company generated $16.6 billion in sales and lost $5.87 per share.

Is Whirlpool a buy?

Bitzer said, "We are confident in our long-term strategy and believe that evolving tariff policies will ultimately support domestic manufacturers." If so, companies like Whirlpool should benefit.

However, the only thing certain about trade policy so far in 2025 is that things are constantly changing, and it remains unclear if and when these long-term tariffs will be implemented.

Whirlpool shares are now down 25% year to date. Investors who believe the trade situation will eventually settle in a way that boosts Whirlpool's competitive position can enjoy an 8% dividend yield by buying now and waiting out the uncertainty.