Trump Just Announced a Plan that Could Cripple the Solar Industry

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Trump Just Announced a Plan that Could Cripple the Solar Industry

"We remain committed to working closely with the energy industry and our manufacturing peers towards a solution that supports domestic manufacturing and domestic innovation with a global mindset to keep America solar strong".

The US president approved the steep tariffs - up to 50 percent on large washing machines over three years and up to 30 percent on solar panels over four years - to protect US producers, US trade officials said.

The Trump administration is levying tariffs on imported solar cells and washing machines.

Monday's move marked a new step in the administration's efforts to revamp existing trade deals between the US and other countries. "The solar industry is nothing if not resilient, and I'm confident the innovative, tough and resourceful members of the industry will find workarounds to the latest obstacle placed in solar's path".

The Trump administration on Monday announced new tariffs on imported solar panels, Washington Examiner reports.

"The duty barrier will shock Asian suppliers in the near-term", said Frank Yu of energy consultancy Wood Mackenzie.

Imports of cheap Chinese panels helped triple U.S. annual solar electricity generation between 2012 and 2016.

Feng said his firm would "expand their territory to a broader range in the globe,", including Europe, China, Indonesia and India.

The U.S. government's decision to impose tariffs on imported solar cells will destroy local jobs, raise electric bills and hurt the environment, according to former New York City Mayor Mike Bloomberg.

Among the China-based solar stocks that would be hit by the tariffs, Daqo New Energy ( DQ ) tumbled 7%, near 59.

South Korea said it would "actively respond to USA trade protectionism", including exercising its rights under the World Trade Organization.

Beijing has opposed unilateral trade penalties by the U.S. Analysts warn that this trade action against Chinese products could later include steel and aluminum-an expansion that could spark a trade war.

No offense to Whirlpool, Suniva and Solar World, but they are just small pieces of the big US economic puzzle. The administration has already made a decision to pull the US out of the global Paris climate agreement, rolled back Obama-era regulations on power plant-emissions and passed sweeping tax reforms that constrained financing for solar and wind. For many homeowners installing solar panels has become more affordable, but now the industry's main trade group worries that if prices go up the installation boom could come to a halt. The more aggressive recommendation that the ITC made in November included a "35-percent tariff on all imported solar modules, as well as a four-year tariff of 30 percent on solar cell imports exceeding 0.5 gigawatts and a 10-percent tariff on cell imports under that limit". "The status of whether these exclusions. will be in focus in the coming days", Goldman Sachs said.

Somewhat ironically, the SEIA points out, the two domestic solar manufacturers this decision is likely to benefit - Suniva and SolarWorld - are both foreign-owned. In Singapore, unlisted REC operates one of the city-state's biggest manufacturing sites.

"If we file the suit with the WTO, we can win the case", said Kim, who worked as senior lawyer at the WTO's Appellate Body Secretariat and Legal Affairs Division from 1999 to 2003.

"There is hope for a negotiated settlement", said Clark Packard, trade policy counsel at the free-market think tank R Street Institute.

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