China warns protectionism is a double-edged sword after Trump’s ‘America First’ tariffs
Beijing — Protectionism is a double-edged sword that will harm both sides, China’s foreign ministry said on Wednesday after US President Donald Trump signed into law a steep tariff on imported solar panels. The tariff of 30% is among the first unilateral trade curbs imposed as part of a protectionist agenda to help US manufacturers, but which has alarmed Asian trading partners that produce lower cost goods. The administration also put a tariff on imported washing machines. China, the world’s biggest solar panel producer, has already branded the move an "overreaction". "Protectionism is a double-edged sword. It not only wounds others but wounds themselves," foreign ministry spokeswoman Hua Chunying told a daily news briefing. But China is confident in its own economy, which this year will see the scale of domestic consumption overtake the US for the first time, she said, citing comments the previous day by Chinese Foreign Minister Wang Yi in Chile. "This means that after 2018, the wo...
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