Email Facebook Twitter

London South East Natural Resources Briefing webcast: #Emmerson #Alba #Condor Gold #Gold analysis
Angus Energy in talks to buy 'transformational' gas asset in North England

Alliance News

UPDATE: China, South Korea Protest US Solar, Washing Machine Tariffs

Tue, 23rd Jan 2018 14:07

Beijing/SEOUL (Alliance News) - China and South Korea on Tuesday decried a US decision to introduce steep tariffs on imported washing machines and solar energy cells and panels.

South Korean Trade Minister Kim Hyun Chong will lodge a complaint against the move at the World Trade Organization (WTO), his office said on Tuesday.

The US measures, which include setting up tariffs of up to 50% for imported washing machines, were "unfair", Kim said at a meeting of industry representatives.

South Korean home appliance manufacturers Samsung and LG, as well as Chinese solar energy firms are likely to be most affected by the measures, which aim to protect US manufacturers against foreign competition, as part of President Donald Trump's "America First" agenda.

The Chinese Commerce Ministry said the decision is detrimental to global trade in these fields and illustrative of Washington's "excessive and frequent trade protection", according to a statement by Wang Hejun, director of the ministry's Bureau of Trade Relief Investigation.

The solar tariffs, approved on Monday by Trump, start at 30% and are set to gradually fall to 15% over the next four years.

Trump's decision was in keeping with the conclusions of his trade advisers, US trade representative Robert Lighthizer said.

"The president's action makes clear again that the Trump administration will always defend American workers, farmers, ranchers and businesses in this regard," Lighthizer said.

The tariffs are mostly directed at China, which is the world's largest manufacturer of solar products, Lighthizer said.

Even though the US had imposed tariffs on Chinese solar energy products before, Chinese firms moved production to other countries in order to evade them, he added.

Trump's move was defended by the influential head of investment firm Blackstone, Stephen Schwarzman, who was speaking during the World Economic Forum in Switzerland.

Beijing's import tariffs have been three times as high as Washington's to date, Schwarzman said on Tuesday, adding that the trade relationship between the two sides had to become fairer.

China's laws were similar to those of the US in the 19th century, he said, which seemed to be normal in developing countries.

He praised Trump's decision to cut corporation tax from 35% to 21%, saying this would encourage investment in the US. The US was the "place to be" in the developed world, he said.

Washington's rows over trade with both Beijing and Seoul have intensified in recent weeks. The US is preparing a decision in an investigation into China's alleged intellectual property theft. And Trump has demanded the renegotiation of a US-South Korea free trade agreement, which he has slammed as a "job killer".

By Simina Mistreanu, dpa

Copyright dpa

Alliance News

Back to Alliance News

Share Price, Share Chat, Stock Market news at
FREE Member Services
- Setup a personalised Watchlist and Virtual Portfolio.
- Gain access to LIVE real-time Regulatory News (RNS).
- View more Trades, Directors' Deals, and Broker Ratings.
Share Price, Share Chat, Stock Market news at

Datafeed and UK data supplied by NBTrader and Digital Look. While London South East do their best to maintain the high quality of the information displayed on this site,
we cannot be held responsible for any loss due to incorrect information found here. All information is provided free of charge, 'as-is', and you use it at your own risk.
The contents of all 'Chat' messages should not be construed as advice and represent the opinions of the authors, not those of London South East Limited, or its affiliates.
London South East does not authorise or approve this content, and reserves the right to remove items at its discretion.