White House trade adviser Peter Navarro called the solar industry group’s report ‘fake news dressed up in academic mumbo jumbo’Washington — Tariffs on solar panels imposed nearly two years ago by US President Donald Trump to protect US manufacturers from competitors in China and elsewhere are now the focus of a battle in Washington over whether the measures should be amended.
The solar tariffs are part of Trump’s overall strategy to fight China and other trading partners that he argues have long taken advantage of the US and led to a record trade deficit. Since early 2018, the Trump administration has ratcheted up tariffs, which are a tax on imports, on an assortment of products and materials. They are among the issues being discussed to end the trade war between the world’s two largest economies.
The duties on imported solar panels were announced in January 2018 in a blow to the domestic renewable energy industry. The levies start at 30% and are scheduled to fall from 25% to 20% in 2020. Suniva argued in a pre-hearing filing with the ITC that the 5% reductions set for 2020 and 2021 should be scaled back.
The SEIA is arguing that the tariffs were unwanted in the first place and have caused more economic harm than benefit. The group released an analysis that said, if left in place, the duties will cost the industry $19bn in investment and will lead to 62,000 fewer jobs by 2021. It’s possible that the ITC review results in no action, but the potential for a recommendation has set off a lobbying frenzy. Companies including LG Electronics, utility NextEra Energy, and EDF Renewables are scheduled to appear to weigh in on the review. So are representatives from the embassies of Korea and Indonesia.
United States United States Latest News, United States United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
MARKET WRAP: JSE gains as US-China trade war still in focusThe Standard Bank purchasing managers’ index fell to 48.6 points in November from 49.4 in the previous month
Source: BDliveSA - 🏆 12. / 63 Read more »