Jacksonville, Fl. — Marking the President’s first major trade action of 2018, the Trump Administration announced it will be imposing tariffs on imported solar panels and washing machine.
Tariffs will begin at 20% on large residential washing machines and Consumer Warrior Clark Howard is weighing in on how this impacts you and your wallet.
"What happens in the case of washing machines, what you pay as a consumer could skyrocket."
Clark suggests if you’re in the market for a new washing machine, buy it sooner rather than later.
Washington Insider Jamie Dupree reports President Trump brushed aside concerns that the moves will only result in higher costs for consumers, cost jobs here at home, and maybe spark a trade war with China and South Korea. Click here to read more on Jamie's take on the President's move.
On the solar front, a 30% tariff or tax will be applied to imported solar panels, most of which come from China.
Clark says the goal of that tariff is not known. He raises questions on whether it tries to get people to not put in solar panels so they will have to use more coal or fuel oil.
"Solar panels are so much more efficient than they were even just three years ago, that the punitive tariffs may slow the industry a little bit but it certainly isn't going to ruin the economic case."
Consumer Warrior Clark Howard is always looking out for you and your wallet. Click here for ways to save if you are looking to buy a washer or a dryer.