by Eric Worrall at Watt’s Up With That
h/t ResourceGuy; Will President Biden’s Green Revolution be built on the blood of persecuted Chinese minorities? President Biden has moved to suspend restrictions imposed by the US Commerce Department, after tariffs were imposed following an accusation that Chinese manufactured components are being secretly incorporated into third party products.
Solar stocks jump after Biden administration announces tariff suspensions
PUBLISHED MON, JUN 6 20229:00 AM EDT
Jesse Pound@JESSERPOUNDPresident Joe Biden declared a 24-month tariff exemption for solar panel products from several Southeast Asian nations, and announced the use of the Defense Production Act to promote domestic production.
The tariffs had received increased criticism in recent months as the war in Europe has driven up energy prices around the world.
Solar energy stocks soared Monday after a report that the Biden administration will suspend tariffs on solar panel components from four countries.
President Joe Biden declared a 24-month tariff exemption for solar panel products from Cambodia, Malaysia, Thailand and Vietnam, and announced the use of the Defense Production Act to promote domestic production. The news was first reported by Reuters. The move comes as a Commerce Department investigation into the solar industry in Southeast Asia has added more hurdles to importing equipment.
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“We believe the announcement will be a clear positive for our coverage, particularly within the utility-scale solar market, which has faced uncertainty since the US Department of Commerce’s AD/CVD investigation was launched in late-March,” JPMorgan analyst Mark Strouse said in a note to clients.
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The US Commerce Department opened the investigation because of an accusation from a US solar manufacturer Auxin Solar, a minority and women led company, that companies in Cambodia, Malaysia, Thailand and Vietnam were selling solar assemblies to the USA, constructed from components manufactured by Chinese companies subject to tariff restrictions.
The tariffs were imposed because of…
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