European Stocks Slip as Middle East Tensions and Hormuz Threat Rattle Markets 
Gold Prices Fall Amid Rate Jitters; Copper Steady as China Stimulus Eyed 
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Dollar Eases as Middle East Conflict, Fed Outlook and Japan Pension Policy Drive FX Markets 
China Home Prices Fall Again in June Despite Slower Pace of Decline 
Port of Los Angeles Posts Record June Cargo Volume as Importers Rush Ahead of U.S. Tariffs 
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Oil Prices Rise as U.S. Strikes on Iran Raise Strait of Hormuz Supply Fears 
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On Monday, the Trump administration announced that it would impose steep tariffs for foreign-made washing machines and solar panels. While the tariffs imposed on washing machines were far steeper than industry experts imagined, those imposed on solar panels fell short of expectations. The administration approved four-year tariffs on imported solar panels with the tariff beginning at 30 percent, which would be gradually reduced to 15 percent. The first 2.5 gigawatts of imported solar cells are exempt for each year.
While 30 percent tariff in year one is quite harsh, the duty imposed is less than 35 percent recommended by the U.S. International Trade Commission (ITC) in October in its report submitted to the President.
Asian exporters will be the biggest loser as the United States, according to International Trade Commission imported 80 percent of the solar panels installed in the United States and most of them came from Asia. Malaysian and South Korean imports accounted for almost 57 percent of the total imports, followed by Vietnam (9 percent), Thailand (9 percent), and China (8 percent).
