The iView has timed out. It is now displaying expired content from the cache. Click 'Reload' to retrieve updated content. You may need to wait for the cache to retrieve the content from the source.Reload
iView has timed out; there is no cached content to display. Click Reload to retrieve updated content. You may need to wait for the cache to retrieve the content from the source. Reload
Help Contact Us
Username: Password:
Forgot Username? Forgot Password? Remember Me

General News Details

Trump Applies Tariffs to Solar Panels

Trump Applies Tariffs to Solar Panels  01/23 06:07

   WASHINGTON (AP) -- President Donald Trump on Monday approved tariffs on 
imported solar-energy components and large washing machines in a bid to help 
U.S. manufacturers.

   The Republican's decision followed recommendations for tariffs by the U.S. 
International Trade Commission.

   "The president's action makes clear again that the Trump administration will 
always defend American workers, farmers, ranchers, and businesses in this 
regard," U.S. Trade Representative Robert Lighthizer said in a statement 
announcing the decision.

   Most imported solar modules will face an immediate tariff of 30 percent, 
with the rate declining before phasing out after four years. For large 
residential washing machines, tariffs will start at up to 50 percent and phase 
out after three years.

   China accused Trump of jeopardizing the multilateral trading system by 
taking action on complaints under U.S. law instead of through the World Trade 

   "The U.S. side once again abused its trade remedy measures," said a Commerce 
Ministry statement. "China expresses its strong dissatisfaction with this."

   Mexico said Trump's decision not to exclude it from the measures was 

   "Mexico will use all available legal resources in response to the U.S. 
decision to apply protections on Mexican washing machines and solar panels," 
its Economy Department said in a statement.

   The U.S. solar industry was split over the trade barriers.

   The tariffs were sought last year by Suniva Inc., which filed for bankruptcy 
protection in April, and the U.S. subsidiary of Germany's SolarWorld.

   They said that a nearly 500 percent increase in imported solar panels over 
five years led to a ruinous price collapse. Nearly 30 U.S. solar-manufacturing 
facilities had closed in the past five years, they said, as China plotted to 
flood the global market with cheap products to weaken U.S. manufacturing.

   Suniva spokesman Mark Paustenbach called tariffs "a step forward for this 
high-tech solar-manufacturing industry we pioneered right here in America."

   However, solar installers and manufacturers of other equipment used to run 
solar-power systems opposed tariffs, which they said will raise their prices 
and hurt demand for the renewable energy.

   The Solar Energy Industries Association, which represents installation 
companies, said billions of dollars of solar investment will be delayed or 
canceled, leading to the loss of 23,000 jobs this year.

   Mark Bortman, founder of Exact Solar in Philadelphia, said the prospect of 
tariffs, since the trade commission recommended them in October, had already 
caused him to delay hiring and expansion plans.

   "Solar is really just starting to take off because it is truly a win-win-win 
situation" for consumers, workers and the environment, he said. "Tariffs would 
really be shooting ourselves in the foot."

   The case for tariffs on washing machines was pushed by Benton Harbor, 
Michigan-based Whirlpool Corp. The company's chairman, Jeff Fettig, said 
tariffs on imported machines would create new manufacturing jobs in Ohio, 
Kentucky, South Carolina and Tennessee.

   "This is a victory for American workers and consumers alike," Fettig said. 
"By enforcing our existing trade laws, President Trump has ensured American 
workers will compete on a level playing field with their foreign counterparts."

   But U.S. Sen. Ben Sasse, a Republican from Nebraska, said Republicans need 
to understand that tariffs are a tax on consumers.

   "Moms and dads shopping on a budget for a new washing machine will pay for 
this --- not big companies," Sasse said in a statement.

   Suniva, SolarWorld and Whirlpool were helped by a 1974 trade law that lets 
companies seek trade protection if they can show damage from a rise in imports.

   Up to certain levels, imports of solar cells will be exempt from the tariff, 
while the first 1.2 million imported large washing machines will get a lower 
tariff, peaking at 20 percent.

   Congress has no authority to change or veto Trump's decision. Countries 
affected by the decision can appeal to the World Trade Organization.


Market Commentary

The markets opened firmer as called with more short-covering that took meal and beans to new highs for the recent move upward. Meal led the charge on concerns still about the health of Argentine crops. Soyoil futures lagged the pace, while wheat/corn trade was a dominant morning theme..............
End of Week Audio Commentary
by Jody Lefcourt
Last updated 12/22/2017 11:36 AM CST
Quotes, news, weather & polling services by Telvent/DTN.  Market data delayed at least 10 minutes.  Futures quotes source: ICE, MGEX & CME Group.