The mechanism: Most companies are tariff winners or tariff losers. Whirlpool is both, on the same balance sheet, in the same quarter. On one side, Section 201 safeguard tariffs — which Whirlpool itself petitioned for back in 2017 to block cheap Samsung and LG washers — still shape how foreign finished appliances compete in the U.S. On the other side, Section 232 national-security tariffs on steel and aluminum, expanded in 2025 and restructured again by an April 2026 presidential proclamation, now apply full ad valorem duty to hundreds of steel/aluminum derivative products — including the sheet steel, coil, and fabricated metal components that go straight into a washer or refrigerator shell. A 50% tariff on finished-appliance steel content took effect in mid-2026. Whirlpool told investors it paid more than $300 million in U.S. tariffs in 2025 and expects hundreds of millions more in 2026, a bill big enough to help drive a Q1 2026 GAAP loss and force management to slash its 2026 EPS outlook from an initial $7.00 down to an ongoing range of roughly $3.00–$3.50. Same trade policy, two opposite cash-flow directions, one ticker.