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Joe Biden suspends US solar panel tariffs on four Asian countries, not China
The US will also invoke the Act to accelerate domestic production, and use the federal government procurements to increase demand, a fact sheet said.
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US President Joe Biden on Monday invoked the Defense Production Act to suspend tariffs for two years on solar panel imports from Cambodia, Malaysia, Thailand and Vietnam - but not China - as America seeks to boost domestic clean energy manufacturing, the news agency AFP reported citing the White House.
The US will also invoke the Act to accelerate domestic production, and use the federal government procurements to increase demand, a fact sheet said.
Bloomberg reported that the moves have been taken to boost oft-competing political priorities: combating climate change and nurturing domestic solar manufacturing that has struggled to compete with cheap imports. It’s possible Biden’s moves could do both in one swoop.
“The president’s action is a much-needed reprieve from this industry-crushing probe,” Abigail Ross Hopper, chief executive officer of the Solar Energy Industries Association, said in a statement.
“During the two-year tariff suspension window, the US solar industry can return to rapid deployment while the Defense Production Act helps grow American solar manufacturing.”
Chinese solar panel makers gained on news of Biden’s plans, with Longi Green Energy Technology Co. rising 6.1 per cent in Shanghai while Jinko Solar Co. jumped 8.9 per cent and Trina Solar Co. added 6.3 per cent, Bloomberg added.
(With inputs from agencies)
