Companies can be impacted in different ways by tariffs, like those that are being announced by the Trump administration. Some domestic manufacturers, including steelmakers, may benefit as commodity prices rise. Others will see costs increase on raw materials or products being imported as part of their business.

Appliance maker Whirlpool (WHR 2.53%) may be one company that will be negatively impacted from both sides. That's because steel tariffs are expected to raise the price of that commodity, which is a large input cost for Whirlpool. On top of that, the company may have to absorb increased tariff expenses for imported parts and goods.

Those concerns for rising costs had investors selling Whirlpool stock this week. Shares sank by about 9% as of Thursday afternoon, according to data provided by S&P Global Market Intelligence.

Tariffs and housing, too

In a recent interview with The Motley Fool, Ryan Monarch, economics professor at Syracuse University, hit upon the potential impact of tariffs, stating: "Tariffs cause the price of affected goods to rise. In fact, research into the 2018-2019 trade war has shown that the prices of U.S. imported goods affected by tariffs rose by nearly the entire amount of tariffs imposed."

Companies like Whirlpool can't push its increased costs entirely onto their customers, though. Especially not now, when the housing market is facing headwinds including interest rates, housing supply and demand, employment concerns, and consumer confidence.

Investors also fear that trade wars and tariff-induced price increases could lead to stagflation. That would be a perfect storm for Whirlpool. Lagging demand, increasing steel prices, and higher operating costs aren't what investors want to see.

What about Whirlpool?

The company is somewhat insulated, as about 80% of its products sold in the U.S. are made domestically. But most of the balance is produced in China and Mexico. That puts the company in a tough spot right now, and investors aren't waiting to see how the tariff landscape evolves to move on from Whirlpool.