trump angers china south korea with new trade tariffs
Last Updated : GMT 09:07:40
Egypt Today, egypt today
Egypt Today, egypt today
Last Updated : GMT 09:07:40
Egypt Today, egypt today

To protect US producers

Trump angers China, South Korea with new trade tariffs

Egypt Today, egypt today

Egypt Today, egypt today Trump angers China, South Korea with new trade tariffs

Trump has approved steep tariffs on imports of solar panels
Washington - Egypt Today

President Donald Trump has approved steep tariffs on imports of solar panels and washing machines to protect US producers, triggering an outcry in China and South Korea and even protests at home.

Seoul said Tuesday it planned to take the issue to the World Trade Organization while Beijing expressed "strong dissatisfaction".
"Together with other WTO members, China will resolutely defend its legitimate interests," its commerce ministry warned, without indicating any specific counteraction.

At home in the US, the move was decried by the solar industry, which said the tariffs would create a "crisis" and cost thousands of US jobs and billions in investment without helping domestic suppliers meet rising demand.

US Trade Representative Robert Lighthizer said the tariffs were imposed after an "exhaustive" review by USTR and the independent US International Trade Commission, which determined that US producers were "seriously injured by imports."

The administration imposed tariffs of up to 50 percent on imports of large washing machines over three years, and up to 30 percent on solar panels over four years.

South Korea, which has signed a free trade deal with the US and is a crucial ally in Washington's confrontation with North Korea, said it would a file a petition at the WTO.

Its Trade Minister Kim Hyun-Chong said the tariffs were "excessive" and may constitute a "violation of WTO provisions."

Samsung, South Korea's biggest firm, said the tariffs were "a tax on every consumer who wants to buy a washing machine."

"Millions of Americans love their LG washers," said another South Korean company, LG Electronics, taking umbrage at the decision.

"Consumers should be the ones to decide what washers they want."

- Friction with China -

Last year Trump launched dozens of trade cases, taking what his commerce department called "unprecedented" action on trade.

Many have targeted China, the United States' biggest trade partner, which last year ran a record surplus with the US, inciting new ire from Trump.

Targeting Chinese imports can cut both ways for the US.

Imports of cheap Chinese panels helped triple US annual solar electricity generation between 2012 and 2016. But they also drove prices down by 60 percent, causing most US producers to stop production or declare bankruptcy, the USTR said.

The rising imports were spurred by China's use of state incentives, subsidies and tariffs, and manufacturers have evaded compensatory US tariffs by repeatedly shifting production to new countries, USTR said.

Chinese-made washing machine imports led to a "substantial" decline in market share for US producers, according to USTR.

The director of the Chinese commerce ministry's trade and remedy investigation bureau said in a statement the US tariffs "not only aroused the concern of many trading partners but were also strongly opposed by many local governments and downstream enterprises in the US".

- 'Disappointment' among solar industry -

The US investigation into solar imports was launched following complaints from US companies Suniva, a bankrupt Chinese-owned firm, and SolarWorld, owned by a German concern that declared insolvency in May.

The Solar Energy Industries Association (SEIA) said its members expressed "disappointment" at the decision.

The new tariffs will cause the loss of about 23,000 American jobs and the cancelation or delay of billions of dollars in solar investment, the group said in a statement.

The tariffs will not help meet US demand but "will create a crisis in a part of our economy that has been thriving, which will ultimately cost tens of thousands of hard-working, blue-collar Americans their jobs," said SEIA president Abigail Ross Hopper.

Source:AFP

egypttoday
egypttoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

trump angers china south korea with new trade tariffs trump angers china south korea with new trade tariffs



GMT 15:49 2011 Friday ,10 June

Oil firm wins injunction against Greenpeace

GMT 10:27 2015 Monday ,06 July

Mini to launch ‘Clubman’ in 2016

GMT 17:21 2011 Wednesday ,23 February

Lampard Desperate To Win The Champions League

GMT 10:13 2018 Tuesday ,09 January

Barcelona to unveil 160m Coutinho

GMT 23:03 2017 Monday ,16 January

Bank of Korea: Money Production Cost Rise in 2016

GMT 20:33 2011 Friday ,06 May

Asad\'s army arrests all men over 15 in Daraa

GMT 11:55 2011 Tuesday ,29 November

Ultrabooks could save the PC

GMT 13:02 2012 Saturday ,01 September

Zombies and Morons compete

GMT 07:31 2017 Tuesday ,20 June

Sisi keen on attaining unity

GMT 11:50 2015 Saturday ,26 September

The Library of Fragrance announces January launches

GMT 06:28 2014 Saturday ,18 October

Asian Junior Volleyball tourney kicks off in Bahrain

GMT 13:31 2016 Saturday ,13 February

Greek farmers clash with police

GMT 07:40 2012 Friday ,06 July

Deeds, not words, matter the most

GMT 14:16 2016 Wednesday ,23 November

Gigi sorry for ‘racist’ Melania Trump impression

GMT 22:52 2011 Tuesday ,26 April

Nigeria prepares for parliamentary elections

GMT 20:35 2016 Tuesday ,04 October

Paris climate deal: EU backs landmark agreement

GMT 10:50 2016 Thursday ,01 September

India's Reliance announces launch

GMT 09:34 2016 Friday ,30 September

Rosetta spacecraft set for final comet crash landing

GMT 06:27 2017 Wednesday ,28 June

Rakeen Georgia ex-CEO faces trial in Georgia
 
 Egypt Today Facebook,egypt today facebook  Egypt Today Twitter,egypt today twitter Egypt Today Rss,egypt today rss  Egypt Today Youtube,egypt today youtube  Egypt Today Youtube,egypt today youtube

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©

egypttoday egypttoday egypttoday egypttoday
egypttoday egypttoday egypttoday
egypttoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
egypttoday, Egypttoday, Egypttoday