WASHINGTON :President Joe Biden waived tariffs on solar panels from four Southeast Asian nations for two years and invoked the Defense Production Act to spur solar panel manufacturing at home, the White House said on Monday, confirming a Reuters report.
Shares in solar companies climbed after Reuters earlier reported that Biden would issue a proclamation that ensured panels accounting for some 80 per cent of U.S. imports did not face tariffs of as much as 250 per cent, which could have been levied retroactively as part of a Commerce Department probe.
The White House said the Defense Production Act would also be used to expand manufacturing of building insulation, heat pumps, transformers, and equipment for"clean electricity-generated fuels" such as electrolyzers and fuel cells. Heather Zichal, chief executive of the American Clean Power Association, said Biden's announcement would"rejuvenate the construction and domestic manufacturing of solar power by restoring predictability and business certainty."
Law Law Latest News, Law Law Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »