Trump issued a statement supporting the increment in tariffs on solar imports. The statement agrees to increase tariffs on solar resources like panels, cells, and modules due to the bifacial panels infiltrating the market. Trump also commanded the assessment of duties in the US trade agreements to determine if they should continue to be in action or be dropped. Initially, the tariffs were to expire in two years.
The US has been dealing with imported solar resources and the challenges that come with it. Nevertheless, the tariffs have raised the prices of these resources impeding the transition to clean renewable energy. Manufacturers in the US are a happy lot since they enjoy tariff-free sales maximizing their profits.
It is evident that the US is discouraging importing solar products to encourage internal investments to grow and have a market niche. Although the US administration is pushing for the usage of internally developed solar panels, the bifacial solar panel developers are more reliable and are the required imports.
The US administration seems to support the country’s fossil-fuel resources, hoping that they can capitalize more on them before the transition to renewables. Key energy industry stakeholders like Invenergy and the Solar Energy Industries Association hope that the US can support the renewable sector with project contracts and financial aid.
Trump’s statement comes a few days to the presidential election, and it appears to carry more weight through even if Trump fails on his reelection mission. Joe Biden, the Democratic candidate, stated that the administration ought to reconsider its stand on renewables and support them if they hope to realize economic recuperation in this coronavirus pandemic. The US has a strategy that calls for the full shift to clean energy in the next 15 years. The realization of this plan will imply the deployment of massive solar structures.
Nevertheless, Joe Biden has strayed from making comments on the tariffs imposed on imported solar products. For the US to prosper, the democrats might support the tariffs to encourage internal development.
Economic experts argue that the increase in tariffs will impair the recovery of the economy from the pandemic since every country, including the exporters, suffered the same problem. Scaring away the importers also scares the investors from cashing into these projects in the US.
Analysts argue that the US administration should revise its plan to infuse solar energy into the energy mix to create more jobs and reveal their efforts in tackling climate change. To conclude, Trump explained that the tariffs would help the economy recover internally before resuming externally. He hopes that the revisitation of the energy Acts can help demonstrate the surest way to approach renewables.