US: Gov slaps steep tariffs on imported solar panels

This is the first major step by the administration to erect the kind of trade barriers Trump has frequently said are necessary to protect manufacturers in the United States.

The announcements came after a year of tough rhetoric—but little action—on curbing imports of cheap products from countries such as China and South Korea.

The US said it will impose a 20% tariff on the first 1.2 million imported large residential washers in the first year, and a 50% tariff on machines above that number. The tariffs decline to 16% and 40% respectively in the third year.

A 30% tariff will be imposed on imported solar cells and modules in the first year, with the tariffs declining to 15% by the fourth year. The tariff allows 2.5 gigawatts of unassembled solar cells to be imported tariff-free in each year.

White House advisers warned that additional trade measures related to steel, aluminium and other products from China could be coming, a signal that Trump is ratcheting up the protectionist policies he has long espoused as part of his “America First” approach.

The imposition of tariffs will most likely exacerbate trade tensions with other nations, including China, and could result in an escalation of retaliatory trade measures against imports from the United States, reported The Wall Street Journal.

Full Content: The Wall Street Journal

Want more news? Subscribe to CPI’s free daily newsletter for more headlines and updates on antitrust developments around the world.