President Trump on Tuesday will sign a measure that will place tariffs on imported solar-energy components and large washing machines. This goes along with his plans to help American manufacturers. A 30 percent tariff is being placed on most imported solar modules, with the rate reducing and eventually phasing out after four years. Large washing machines will have a 50 percent tariff and phase out over the next three years. The U.S. International Trade Commission recommended the import tariffs.
“The president’s action makes clear again that the Trump administration will always defend American workers, farmers, ranchers, and businesses in this regard,” Robert Lighthizer, U.S. Trade Representative, said, according to NBC News. Sen. Ben Sasse (R-NE) criticized the new tariffs in a statement, “Moms and dads shopping on a budget for a new washing machine will pay for this — not big companies.” China was not happy with the news of the new tariffs. A statement from China’s Commerce Ministry said, “The U.S. side once again abused its trade remedy measures….China expresses its strong dissatisfaction with this.” Mexico also came out against them. A statement from Mexico’s Economy Department said, “Mexico will use all available legal resources in response to the U.S. decision to apply protections on Mexican washing machines and solar panels.”
The tariffs were sought after by some American businesses. The new import tariffs raise the question: Are the new tariffs a good thing?
Newsy covers Trump approval of new import tariffs
Are the new import tariffs on solar components and large washing machines a good thing? Will they help the American economy? Or, is this a dangerous step towards a trade war with China?