Whirlpool Corp. on Monday trimmed its full-year profit outlook as it booked a large charge on its European operations and said it wouldn’t be able to offset the effect of steel tariffs with higher prices for consumers.

The Benton Harbor, Mich-based appliance maker swung to a second-quarter loss after booking $747 million in charges on its European business and paying $114 million for an antitrust settlement in France, wiping out the benefits of higher prices pushed through to counter the effect of tariffs on imports of steel,...