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00:00:00
>> The United States will not be taken advantage of anymore.>> Our President Donald Trump is slapping tariffs on imported washing machines and solar panels, in a move that could protect some American jobs, and put others at risk. I'm Andy Sullivan in Washington where Trump is ramping up his America First trade agenda, backing up his anti-globalization rhetoric with action that's certain to cheer those Rust Belt factory workers who helped him win the White House.
00:00:26
But this move has downsides as well. It could lead to job losses elsewhere in the economy, and higher prices for people who are looking to put solar panels on their roof, or a new laundry in their basement.>> It's hurt our factories. It's hurt our companies.>> Trump imposed tarriffs of up to 50% on imported washing machines.
00:00:44
That's a win for Michigan based Whirlpool Corporation, which has long complained of unfair foreign competition. But those foreign makers also have plants in the United States. One of them, LG Electronics said the new tariffs could lead to fewer jobs at its factory under construction in Tennessee. Trump also said he would impose tariffs of up to 30% on foreign made solar panels, in an effort to keep domestic manufacturers in business.
00:01:10
More expensive solar panels could hurt the industry overall, making it less cost effective to switch from conventional energy sources. An industry group says it could lead to 23,000 lost jobs. Trump is also considering similar tariff hikes to protect U.S. steel and aluminium makers that could potentially lead to a trade war.
00:01:29
And it would certainly draw howls of protest from other manufacturers, like the auto makers who would have to pay more for the materials that go onto their pickups and SUVs. All this could come to a head later in the week when Trump addresses the global economic forum in Davos, Switzerland.
00:01:43
His biggest moment yet on the international stage. If Trump wants to show the world that he is prepared to go it alone on trade, this is a logical place to start. And could be a sign of more seismic moves to come.>> Pills in products, generally.