US Trade Tariffs: President Trump slaps hefty tariffs on solar panels, washing machines
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US President Donald Trump has signed into law a steep tariff on imported solar panels and washing machines. China expressed "strong dissatisfaction" over the tariffs. It's a global tariff, but it will affect China the most due to its current market share. South Korea will also be hit hard by the new tariffs on washing machines. Our correspondent Nathan King joins us from the White House.
For U.S. President Donald Trump these tariffs are about making America great again-protecting domestic manufacturers and workers against foreign competition.
DONALD TRUMP US PRESIDENT "There won't be a trade war by the way. There will only be stock increases for the companies that are in this country, and that's what happened today. If you look at solar, and if you look at the washing machine companies, that's really what happened today. You're going to have people getting jobs again and we're going to make our own product again. It's been a long time. Thank you all very much."
But the tariffs imposed may have the opposite effect-a 30% tariff in the first year on solar panels and modules could cost as many as 23,000 U.S. jobs, according to the American Solar Energy Industry Association.
Responding to the tariffs, China says the problem is with the U.S., and warns these actions could escalate.
WANG HEJUN, BUREAU CHIEF TRADE REMEDY INVESTIGATION BUREAU MINISTRY OF COMMERCE "The U.S. has repeatedly instituted trade-restricting measures to the same type of product. It is overprotection of its domestic industry and abuse of the trade restrictions. And we strongly oppose it. We are concerned about a trade war, and we do not want to see a trade war between China and the U.S. It will negatively affect not only the economy of two countries, but also the global economy."
It's not just solar panels and washing machines. The Trump administration is considering penalties on steel and aluminum imports-and taking action over intellectual property.
NATHAN KING WASHINGTON "As the White House signed these tariffs into law 11 countries from the Pacific Rim agreed to a sign the Trans-Pacific Partnership-a free trade deal led by the United States until Washington pulled out last year. And with more protectionist trade decisions potentially on the horizon, it seems when it comes to trade the U.S. is headed in an opposite direction from the rest of the world. Nathan King, CGTN, WASHINGTON."