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Important news
在线翻译:
szdaily -> Important news
TRUMP SLAPS TARIFFS ON IMPORTED WASHERS, SOLAR CELLS
    2018-January-24  08:53    Shenzhen Daily

U.S. President Donald Trump on Monday approved steep tariffs on imported washers and solar cells and modules.

Trump will impose tariffs of up to 50 percent on imported washers for the next three years and of up to 30 percent on solar cells and modules for the next four years, said the Office of the United States Trade Representative in a statement.

The decision was based on the findings by the U.S. International Trade Commission that increased foreign imports of both products “are a substantial cause of serious injury to domestic manufacturers,” the statement said.

China’s Ministry of Commerce yesterday expressed strong dissatisfaction with the move, calling it an “abuse” of trade remedies.

“China hopes the U.S. could refrain from overusing trade remedies and abide by multilateral trade rules to play a positive role in promoting the world economy,” said Wang Hejun, head of the ministry’s trade remedy and investigation bureau.

He pointed out the U.S. trade remedies in the industries in recent years had overprotected U.S. sectors, and the latest decision not only caused harm to the industries’ healthy development, but further exacerbated a difficult global trade environment.

“The global economic recovery remains fragile, which requires joint effort and actions from all countries,” Wang stressed.

He said China would work with other WTO members to defend their interests.

The move marked the first time that the U.S. Government has ever used the so-called Section 201, an outdated tool under a rarely used Trade Act of 1974, to unilaterally impose tariffs or other trade restrictions on foreign imports since 2001.

Chad Bown, a trade expert at the Peterson Institute for International Economics, a Washington-based think tank, said the move will also shatter any remaining uncertainty about Trump’s “protectionist and anti-globalist inclinations.”

“Such a decision could trigger a tsunami of new requests for trade barriers under this Section 201 law,” Bown warned, adding that Trump’s new import restrictions would result in higher consumer prices and fewer purchases, thus imposing costs on the U.S. economy.

The Solar Energy Industries Association (SEIA), the U.S. trade association for the industry, expressed disappointment in Trump’s decision, noting that solar tariffs would lead to the loss of roughly 23,000 American jobs this year and the delay or cancellation of billions of dollars in solar investments.

Abigail Ross Hopper, SEIA’s president and chief executive, said tariffs in this case “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.”

Bown said solar trade restrictions might also slow the advance of U.S. climate mitigation industries and its clean-energy future, as raising the domestic price of solar panels creates the incentive for utilities to switch to more carbon-intensive coal or natural gas.

South Korean washing machine maker Samsung called Trump’s decision “a great loss for American consumers and workers.”

“This tariff is a tax on every consumer who wants to buy a washing machine. Everyone will pay more, with fewer choices,” Samsung said in a statement.(Xinhua)

 

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