President Trump has implemented duties on imported solar cell parts and a select number of washing machines in attempt to increase domestic jobs across the manufacturing industry. Both duties are set to launch at their highest respective percentages for the first year: the tariffs on solar parts will be phased out in four years while the charges for washing machines will decrease over three years. The tariffs will raise the prices of such equipment, adding up to 30% for solar parts and up to 50% on chosen washing machines. According to principal analyst of IHS Technology Dinesh Kithany, however, the increase in price may not completely deter consumers from buying domestically made products: "considering the products are of good value, [she is] not sure if marginal increase in prices, due to import duties, would be concerning the consumers."

Some are opposed to the imposition of tariffs on the imports. While it's possible that the tariff will create more jobs domestically, the Solar Energy Industries Association notes that in fact approximately 23,000 domestic solar jobs may be lost as a result of the tariffs. Former New York Mayor Mike Bloomberg also argued that the taxing of "solar panels up to 30% will destroy U.S. jobs, raise Americans' electric bills and hurt our environment. Congress should stand up for American workers and consumers and overturn the administration's harmful decision."

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The raising of prices and the increased chance to lose jobs may not have a strong effect on the economy for long. Companies such as Samsung (KRX: 005930) and LG Electronics (KRX: 066570) are gaining a foothold in American manufacturing. Samsung is currently building washing machines in South Carolina, while LG plans to create an appliance plant in Tennessee by the end of this year.

The stock market immediately reflected the news of the planned tariffs. On Monday, American panel company First Solar Inc. (FSLR  ) rose by 9 percent in stock price. Given that foreign companies and domestic companies that utilize foreign parts will inevitably raise prices, domestic companies such as First Solar may now have a significant advantage in U.S sales. The very presence of First Solar highlights the scarcity of domestic panel companies left in America; over time, the majority of domestic solar panel businesses have relocated to China. Currently, China produces 71% of solar units globally.

Countries such as China and South Korea have opposed Trump's tariffs. So far, Beijing has said that America is damaging the current structure of global trade, while Seoul has announced plans to submit a complaint to the World Trade Organization. Such disapproval of countries and others may result in the involvement of WTO - which has rejected U.S tariffs in the past.