Trump to impose 30 percent tariff on solar cell imports

Business


President Donald Trump has approved tariffs on imported solar cells and certain washing machines, U.S. Trade Representative Robert Lighthizer announced Monday.

The protective tariffs on both kinds of imports would initially kick in at a higher rate in the first year, then decrease in subsequent years. For the first year, a 30 percent tariff would be applied to imported solar modules and cells.

Lighthizer’s office said that the trade representative made recommendations to the president based on the findings of the independent, bipartisan U.S. International Trade Commission.

The agency had been asked to look into whether foreign imports of washing machines and solar cells/modules were causing “serious injury to domestic manufacturers.”

“The President’s action makes clear again that the Trump Administration will always defend American workers, farmers, ranchers, and businesses in this regard,” Lighthizer said in a statement.

Others, however suggested that the move would be bad for the U.S. economy.

Mike Bloomberg, the billionaire former mayor of New York City, said in a post on Twitter that “[t]axing solar panels up to 30% will destroy U.S. jobs, raise Americans’ electric bills and hurt our environment. Congress should stand up for American workers and consumers and overturn the administration’s harmful decision.”

Below are the approved safeguard tariffs on solar modules and cells:

  • Year 1: 30%
  • Year 2: 25%
  • Year 3: 20%
  • Year 4: 15%

This story is developing. Please check back for updates.





Source link

Products You May Like

Articles You May Like

Yelp tanks after announcing third quarter earnings
Daniel Loeb’s Third Point takes stake in American Express, sees shares rallying to $135
Abraaj CEO not to blame for its collapse, lawyer says  
SAP buying Qualtrics for $8 billion
Italy sticks to its budget targets, defying the EU

Leave a Reply

Your email address will not be published. Required fields are marked *