Trump's Solar Tariff Triggers Concern From Texas Companies
Whereas the president appears committed to selecting winners and losers industry by industry, USA consumers ultimately will lose. "Trump is highly likely, I think, to be the solar battery president".
Executives at solar energy companies in New Mexico say this week's decision by President Donald Trump to impose a tariff on imported solar cells will slow the installation of new systems and kill jobs in the state. Yet by slowing this process, solar tariffs could postpone the day when U.S. manufacturing comes back into its own.
The scary part is he really seems to believe this.
Trump on Monday approved a 30 per cent tariff on solar cell and module imports, dropping to 15 per cent within four years.
It's the world's fastest growing energy industry. Asian manufacturers have moved so far ahead that with the tariffs expiring in four years, it's unlikely that USA manufacturers can react quickly enough to expand production. Under Section 201 of US trade law, the companies don't need to show evidence of dumping or foreign subsidies. Both blame their difficulties on a surge of cheap imports, mostly from Asia.
The two companies once employed some 3,200 Americans. I mean, they've been under pressure by state governments to increase the use of renewable energy, but if the price of solar installation rises for utility companies, who would want to invest in, like, a massive solar farm?
Aur Beck, owner of AES Solar in Carterville, said the tariff could help American manufacturing.
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As electricity prices have gone up over the last 10 years, the price of solar panels has gone down.
"If prices go up, we'll have to charge more".
This comes after the Trump administration put a tax of up to 30-percent on solar panels coming in from other countries.
ECKHOUSE: It might be as little as 4 percent, given how modest the tariffs ultimately were. Other stocks have taken a slight downturn, including SunPower (NASDAQ:SPWR) which has decreased by 8.32 percent, JA Solar Holdings (NASDAQ:JASO), who was hit slightly less with a 1.2 percent drop to close at $7.38. Producers and workers are also losers.
But solar will begin to adjust, probably with more Chinese factories being established in the United States.
Manufacturers will also lose flexibility in sourcing parts, which is critical to competitiveness. "They are not. Increased tariffs have proved themselves to sound great but set countries on a financial road to ruin". Republican Gov. Henry McMaster is anxious they'll hurt the investment climate and invite retaliation. With exports of $30.9 billion in 2016 and among the country's highest level of exports per capita, SC knows better. Rep. Mark Sanford (R-S.C.) this week called the tariffs a mistake, pointing to a $380 million investment that South Korean company Samsung recently made in SC.
This could represent a meaningful opportunity for Adani, which now operates a 1.2-gigawatt cell and module manufacturing plant in India, making it the largest tariff-free CSPV manufacturer in the world. In 2017, a solar module producing one watt of power cost only around one-fifth of what it did in 2010.
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