trump slaps tariffs on foreign solar panels and washing machines personal finance
Imports of solar panels will be subject to a 30% tariff or tax, most of which will come from China.
According to a US announcement on Monday, tariffs on large household washing machines will start at 20%S.
Trade Representative Robert Lighthizer
\"The president\'s actions have once again shown that the Trump administration will always defend American workers, farmers, ranchers and businesses in this regard,\" Lighthizer said in a statement . \".
Related report: China attacked Trump\'s new trade tariffs. S.
Committee on International Trade (ITC)
Imports of solar panels and washing machines have hurt American companies.
The tariff will last for three years and will gradually decrease.
Alan dildov, a trade expert at the University of Michigan, said these temporary tariffs are designed to provide \"breathing room\" for industries trying to adapt to the surge in foreign competition \".
Trump\'s tariffs also carry some symbolism: the team at lighthehzer resumed negotiations on the North American Free Trade Agreement with its Mexican and Canadian counterparts on Tuesday.
Later this week, Trump himself is expected to attend the World Economic Forum in Davos, Switzerland, an event for global elites promoting free trade and anti-protectionist measures such as tariffs.
Related: Trump and China: 2018 may get nasty and recently also start renegotiating trade deals between South Korea and the US, which he and Trump accuse of adding to the U. S.
Trade deficit with South Korea since 2012.
In both cases, the Trump administration invoked the last trade law used in 1974 from 2001.
The law allows Trump to raise tariffs as much as he wants.
\"The government could have gone far beyond the advice of the International Trade Centre and imposed more destructive tariffs,\" said Edward Alden, senior fellow at the Foreign Relations Commission . \".
\"It will do some damage to the solar installation, but it will not shut down the industry.
\"Tariffs on solar panels are a blow to China, which is the main country of the United States. S.
Imported solar panels.
But it can also put some AmericanS. jobs at risk.
Most of the work in the United States related to solar panels is installation, not manufacturing.
Related: Solar panels: Trump may want to avoid fighting with China, and according to the International Renewable Energy Agency, about 260,000 Americans work in the solar industry, up 24% from 2015.
Before the tariffs were announced, an independent advocacy group, the solar industry association, warned that such action would put between 48,000 and 63,000 American solar industry workers out of work this year.
Industry insiders slammed tariffs.
\"This reckless decision will threaten thousands of American jobs and damage our climate,\" Howard cristto, a senior lawyer at the center for biodiversity, said in a statement.
The U. S. Commission on renewable energy says electricity prices will rise. U. S.
Solar panel makers Suniva and SolarWorld filed a petition with ITC last year to investigate the sale of solar panels far below the typical US marketS. prices.
This practice is called \"dumping \".
Suniva thanked Trump in a statement.
Alden pointed out that Americans can eventually pay the price of solar tariffs.
\"If you want to install solar energy in your house, it will become less attractive. . .
\"The cost of solar installation will increase a bit,\" Alden said . \".
He added: \"There is a good chance that this will be a net employment negative.
\"For Americans, the price of washing machines will soon rise.
South Korea and Mexico are the biggest losers in washing machine tariffs.
These countries export most washing machines to the United States.
Most of the production in both countries is under the umbrella of South Korean giants Samsung and LG.
Samsung said in a statement that consumers will pay more for washing machines.
It notes that it has hired 600 workers to make washing machines at a new plant in South Carolina.
LG also added that it was disappointed by what Trump called a \"wrong decision.
For the first 1.
2 million washing machines will be imported into the United States with a tariff of 20%.
After that, it rose to 50%.
\"Anyone who wants to buy a washing machine should buy it right away,\" said Gary Hufbauer, a trade expert at the Peterson Institute for International Economics.
\"The price of the washing machine may be fully reflected in a few months.
\"Whirlpool, an American washing machine maker, filed a petition as early as 2011 accusing LG and Samsung of selling washing machines at prices below the US averageS. market.
Whirlpool said the Trump administration\'s actions will create more manufacturing jobs in Ohio, Kentucky, South Carolina and Tennessee.
\"This is a victory for American workers and consumers,\" Whirlpool chairman Jeff fetich said in a statement . \".
Tariffs could be a pioneer in other upcoming trade decisions.
Trump\'s decision to impose tariffs on steel and aluminum imports took less than 90 days, not to mention whether he pulled the United States out of the North American Free Trade Agreement.
Experts say Trump\'s message to other US companies seeking help against foreign competitors is clear.
\"If you are an industry that finds import pressure difficult for you, please go to Uncle Trump and he will take care of you,\" Hufbauer said . \". --
Danielle Weiner of CNNMoney
Bronner contributed to the report.