(UTV|COLOMBO) – The US has approved controversial tariffs on imported washing machines and solar panels.
The move is in line with President Trump’s ‘America First’ trade policy, which aims to protect local manufacturers from foreign competition.
Chinese solar panels makers and washing machine producers in South Korea will be most heavily affected.
Both countries have criticised the tariffs, which President Trump has talked about since coming to office.
The actions are being seen as the president’s most consequential trade moves since his decision to pull the out of the Trans-Pacific Partnership deal (TPP) and renegotiate the North American Free Trade Agreement (Nafta).
The tariffs set on solar panels were lower than domestic US producers had hoped for, but the duties on washing machines and parts were steeper than expected – adding as much as 50% in some cases according to US documents.
Courtesy: BBC
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