Latest Global Business News

Trump signs safeguard measures against imported washers, solar cells

 
U.S. President Donald Trump signed an executive order slapping import tariffs on washing machines and solar panels.
Kim Hyesung explains how the move could deal a blow to some Korean manufacturing companies.
 
  U.S. President Donald Trump signed a set of so-called safeguard measures Tuesday against imports of washing machines and solar cells, including those from South Korea.
2266
 
(English)
  "Our action today helps to create jobs in America for Americans. It will provide a strong incentive for LG and Samsung to follow through on their recent promises to build major manufacturing plants for washing machines right here in the United States."
Under the measures, a 20 percent tariff will be imposed on large residential washing machines for the first one-point-two million units imported, then climb to 50 percent for the rest, with tariffs to go down over the next two years.
 
The tariffs on solar products start after the first 2.5 gigawatts worth of imports... at 30 percent in the first year, and falling to 15 percent by the fourth year.
 
 The move marks the first time in 16 years that the U.S. has issued such safeguard measures.
The administration of then-President George W. Bush imposed a safeguard on steel imports, but it was lifted in 2003 after it was found to violate WTO rules.
 
us slaps tariffs on washingmachines solarpanels
 
(Korean)-
    "Safeguard measures can be issued when there's a radical surge in imports that does great damage to a country's local industry. But the Trump adminsitration's safeguard measure marks a shift towards protectionism. It's hard to estimate how many U.S. jobs this could help create for now, but it will definitely hurt U.S. consumers, who will have to pay much more."
 
  Korean companies like Samsung and LG are expected to be hit hard.
They exported one billion U.S. dollars worth of washing machines to the U.S. in 2016, accounting for nearly a third of the U.S. washing machine market.
 
And last year, Korean companies shipped 1-point-3 billion dollars worth of solar cells.
 
South Korea's trade ministry said Wednesday that it has called on the U.S. to hold bilateral meetings to discuss the safeguard measure.
And a day earlier it announced that it will file a complaint with the World Trade Organization over what it called a violation of WTO provisions.
 

Add comment

Emails are optional and for tracking replies. Names are unique; get yours today with a comment!


Security code
Refresh

La Business

China demands release of Huawei CFO Meng Wanzhou
China demands release of Huawei CFO Meng Wanzhou

  China is demanding the release of Huawei's chief financial officer who has been  [ ... ]

Read more la
Mobile bank Monzo raises £18 mil in three hours
Mobile bank Monzo raises £18 mil in three hours

  Mobile-only bank Monzo has hit its crowdfunding target after raising £18 mill [ ... ]

Read more la
French Queen Marie Antoinette pearl sold for record price at auction
French Queen Marie Antoinette pearl sold for record price at auction

  A pearl once belonging to 18th Century French Queen Marie Antoinette has sold for  [ ... ]

Read more la
Chinese shoppers spend 31bil on Singles' Day
Chinese shoppers spend 31bil on Singles' Day

  We all love a good bargain, but nothing simply comes close to the massive purcha [ ... ]

Read more la
Google employees go on strike
Google employees go on strike

  In New York,... more than three thousand Google employees protested in a city  [ ... ]

Read more la
World falling into recession 2018?
World falling into recession 2018?

  "Uncertainty" is a word we've been hearing more and more on the news these days. [ ... ]

Read more la
Stocks on Wall Street suffer worst day in eight months on Wednesday
Stocks on Wall Street suffer worst day in eight months on Wednesday

  Carnage on the markets.
U.S. stocks posted their worst single-day drop in mont [ ... ]

Read more la
US Federal Reserve raises interest rates by 0.25%
US Federal Reserve raises interest rates by 0.25%

  In a highly-anticipated move,... the U.S. Federal Reserve has hiked interest [ ... ]

Read more la
Will China tax iPhone 25%? Trump to place new tariffs on USD200 bil of Chinese goods...
Will China tax iPhone 25%? Trump to place new tariffs on USD200 bil of Chinese goods...

  Despite his Treasury Secretary's attempts to revive trade talks with China,  [ ... ]

Read more la
Alibaba's founder Jack Ma to step down next September; leaves with cool hairstyle
Alibaba's founder Jack Ma to step down next September; leaves with cool hairstyle

  The founder of Alibaba announced he will step down from his post, next Sep [ ... ]

Read more la
Trump ready to slap tariffs on US$200 billion of China imports: report
Trump ready to slap tariffs on US$200 billion of China imports: report

  U.S. President Donald Trump is reportedly ready to impose tariffs on 200 billi [ ... ]

Read more la
Coca-Cola to buy Costa Coffee for £3.9 billion
Coca-Cola to buy Costa Coffee for £3.9 billion

  Whitbread has struck a deal to sell the Costa Coffee chain to Coca-Cola for £ [ ... ]

Read more la
Argentina raises interest rates to 60% as peso continues to drop
Argentina raises interest rates to 60% as peso continues to drop

  Argentina's central bank has raised interest rates to 60 percent - up from 45 -  [ ... ]

Read more la
Turkish Lira Collapses
Turkish Lira Collapses

  Amid widespread worries following the sudden capitualtion of the Turkish l [ ... ]

Read more la
Apple becomes first trillion-dollar U.S. company
Apple becomes first trillion-dollar U.S. company

  Apple has become the world's first company worth a trillion dollars. The iP [ ... ]

Read more la
ECB leaves rates on hold and confirms bond tapering plan
ECB leaves rates on hold and confirms bond tapering plan

  The European Central Bank left rates unchanged on Thursday and confirmed pla [ ... ]

Read more la

Our Sponsors


La Latest

Adorable rare Scottish wildcat kitten is born

  Britain’s rarest mammal, a female Scottish wildcat kitten, has been born a [ ... ]

Read more la
Victoria's Secret Kelly Gale slammed for 'shaming' video post

  Five-time Victoria's Secret model Kelly Gale was slammed by social media u [ ... ]

Read more la
Electronic medicine that dissolves inside body: e-medicine

Local researchers, together with a team from the U.S., have developed a biodegradabl [ ... ]

Read more la
Meghan makes surprise appearance at The Fashion Awards 2018

  The Duchess of Sussex made a surprise appearance at The Fashion Awards to  [ ... ]

Read more la
China bans import & sale of almost all iPhones

  A Chinese court has banned the sale and import of most Apple iPhones amid a pa [ ... ]

Read more la
South Korea launches 5G; first in the world

  Just about a week ago, South Korea's three major mobile carriers launche [ ... ]

Read more la
France boosts security for new 'yellow vest' protests despite fuel tax reversal

  The political crisis engulfing French President Emmanuel Macron is showi [ ... ]

Read more la
Tiny polar bear cub acts cute

  Berlin Zoo released this adorable footage of a new-born polar bear cub snu [ ... ]

Read more la

La Entertain

The Clooneys host dinner for Prince Harry and Meghan

  George and Amal Clooney are preparing to host the Duke and Duchess of Sussex for [ ... ]

Read more la
Justin Bieber to settle lawsuit filed by ex-neighbours

  Pop star Justin Bieber has agreed to settle a long-standing lawsuit filed by an  [ ... ]

Read more la
BTS' first feature film "Burn the Stage: The Movie" hits cinemas worldwide

  Thrilling news for BTS fans. The first official movie of the K-pop sensations fi [ ... ]

Read more la
Jennifer Lopez wants your sexy vote for US midterm elections

  Oprah, Alicia Keys and Jennifer Lopez are just some of the celebrities to urge [ ... ]

Read more la
Spice Girls Reunite For 2019 UK Tour without Posh

  After teasing fans with a reunion for years, the Spice Girls are finally r [ ... ]

Read more la
Busan International Film Festival 2018

  The Busan International Film Festival is back for its 23rd edition in Korea' [ ... ]

Read more la
Fan Bingbing appears on planet earth again

  After vanishing for months,.... China's top actress Fan Bingbing has resurface [ ... ]

Read more la
BTS becomes first K-pop group to speak at UN General Assembly

  President Moon is not the only one representing South Korea at the UN Gene [ ... ]

Read more la