Trump-tariff targets say American consumers will end up paying the price

0
183
DOWNLOAD THE APP


Asian nations have been bracing for trade sanctions ever since President Donald Trump took office a year ago.

The wait was over Monday, as Trump declared tariffs on imports of Chinese solar panels and South Korean washing machines — measures his administration said were needed to protect U.S. manufacturers from a flood of cheap imports.

Read: Opinion: Trump was right: The real U.S. solar industry needs those anti-China tariffs

South Korea’s Trade Ministry called the tariffs unfair and argued they violated World Trade Organization requirements, while China’s commerce ministry called the action an “abuse of trade remedies.”

The U.S. action will also mean higher prices for American consumers, said Wang Bohua, secretary-general of China’s photovoltaic industry association, which represents Chinese solar companies. “They need our products that are cheaper and better,” he said. What’s more, any short-term benefits to the U.S. industry could be diminished by hurting their global competitiveness, claimed Trina Solar, a Chinese photovoltaic maker that exports its products to the U.S. market.

An expanded version of this report appears on WSJ.com.

Also popular on WSJ.com:

The internet is filling up because Indians are sending millions of ‘Good morning!’ texts.

The programmer at the center of a $100 billion crypto storm.



Source link

READ  Bitcoin futures slip below $17,000
GET ACCESS TO FREE TRAINING NOW

LEAVE A REPLY

Please enter your comment!
Please enter your name here