Mexico blasts Trump's solar panel tariff
President Donald Trump's decision on Monday to impose stiff tariffs on imported solar panels and washing machines has stirred concerns around the world, including North America. Mexico says it regrets the U.S. decision not to exclude it from these new tariffs.
And it's vowing to take action to halt Mr. Trump's latest salvo on global trade. It says it will "use all available legal resources in response to the U.S. decision." It says its inclusion in the application of protections is "regrettable" given the U.S. International Trade Commission determined no damage exists to U.S. industry as a consequence of imports of Mexican washing machines.
President Trump said approving the tariffs will help U.S. manufacturers. The Republican casts Monday's decision as part of his pledge to put American companies and jobs first.
His administration is imposing an immediate tariff of 30 percent on most imported solar modules, with the rate declining before phasing out after four years. For large residential washing machines, tariffs will start at up to 50 percent and phase out after three years.
In the U.S., an association representing solar installers said the solar panel tariff will lead to the delay or cancellation of billions of dollars of investment in solar energy.
The Solar Energy Industries Association says the tariff will result in the loss of 23,000 industry jobs this year. Group member Bill Vietas, president of RBI Solar in Cincinnati, said government tariffs will increase the cost of solar and depress demand, reducing orders and costing manufacturing workers their jobs.
Whirlpool (WHR) chairman Jeff Fettig said the decision on washing machines will create new manufacturing jobs in Ohio, Kentucky, South Carolina and Tennessee.