Trump warned that tariff move will backfire

A German business leader is warning U.S. President Donald Trump that his decision to slap tariffs on imported solar panels and washing machines will backfire.

U.S. President Donald Trump speaks to the March for Life participants from the Rose Garden of the White House in Washington, Jan. 19, 2018. [Photo: AP]

On Monday, Trump approved the tariffs in a bid to help domestic manufacturers.

However, Frank Appel, CEO of Deutsche Post DHL, told an audience at the World Economic Forum Tuesday that the move will hurt exactly those who Trump is ostensibly trying to help.

He said: "Even if the U.S. does more protectionism, consumers will buy from different places and who pays the bill? All the employees in the US finally."

Tidjane Thiam, the CEO of Swiss bank Credit Suisse, said he remains bullish on global trade despite the tariffs decision.

He said: "We will need to see how it impacts global trade, how other trading blocs react to that, but I remain optimistic. I think we are in exceptionally favorable context."