US Prez slaps tariff on imported solar panels-washing machines
US Prez slaps tariff on imported solar panels-washing machines : US Prez Donald Trump slapped tariffs on imported solar panels and washing machines His move has left many trade partners annoyed as he has taken first such major step in his tenure.
US Trade Representative’s office said US has decided to impose new duties of as much as 30 percent on foreign-made solar equipment. The president also approved tariffs starting as high as 50 percent on imported washing machines. China and South Korea has reacted to this move, the Ministry of Commerce in Beijing states it ‘misuse of trade measures’.
LG Electronics, a maker of domestic appliances, and South Korean solar panel makers fell primarily in Seoul trading on the news. On the other hand, Samsung Electronics Co., said the tariff on washing machines is a "great loss" for U.S. workers and consumers. 
The tariffs were announced at the time when Trump prepares to travel to Davos for the World Economic Forum. All the international business and political elite are meeting in WEF to discuss topics including the repercussions against globalization.
The new tariffs will add teeth to the President's "America First" foreign policy after months of threatening to get tough on what Trump sees as the unfair trade practices of nations including China and South Korea.
Rajiv Biswas, Singapore-based chief Asia-Pacific economist at IHS Markit said
Notwithstanding a positive world economic outlook at the kick-off of 2018, intensifying trade friction between the U.S. and some of its key trading partners, particularly China, is one of the major risks to the global economic outlook.
- PTC News
