New solar panel tariff getting mixed reaction

Friday, 26 Jan, 2018

Trump has imposed tariffs of 30 percent on imported solar cells and modules in what is being described as a move to protect US industry while signaling a more aggressive stance towards China.

Trump on Monday approved high tariffs on imported solar panels and washing machines, saying it was done to protect U.S.jobs and US manufacturers.

"Such moves would spur market uncertainties, cause a drop in business confidence, affect commodity prices and could drag down global growth in the medium term", MIDF commented.

"The President's action makes clear again that the Trump Administration will always defend American workers, farmers, ranchers, and businesses in this regard", Lighthizer said in a statement.

Trump approved the new tariffs on Monday, following a recommendation from the Federal International Trade Commission.

The minister said the government will promptly request bilateral talks with the U.S.to discuss compensation, adding that if the talks fail to produce appropriate results, Seoul will actively seek to suspend its application of tariff concessions on the U.S.

First Solar, a solar panel manufacturer based in Arizona, spiked 8% on the news.

We remember previous year, two struggling U.S.

Trump has often promised to get tough with China and other exporters that he says compete unfairly with US manufacturers.

The tariffs set on solar panels were lower than domestic U.S. producers had hoped for, but the duties on washing machines and parts were steeper than expected - adding as much as 50% in some cases, according to United States documents. "It's making it much more expensive for them", said Diane Schwenke with the Grand Junction Chamber of Commerce.

The Trump administration has blamed the five-year-old deal for the growing USA trade deficit with South Korea.

Solar panels would be hit with a 30% tariff in the first year, which would decline to 15% after four years.

In a prepared statement released yesterday, the Secretariat of Economy (SE) said that the government "regrets the United States' decision not to exclude Mexico from the measures" and will "use all legal recourses so that the USA complies with its worldwide obligations".

The move is especially important to the people of OH who have seen their Whirlpool plant lose business to South Korean companies such as Samsung and IG.