US solar panel makers seek new tariffs to protect domestic factories (updated)

Rec Silicon ASA

24/04/2024 16:14

(Adds background, details, quote)
       April 24 (Reuters) - Some of the world's largest solar
equipment makers on Wednesday asked President Joe Biden's
administration to impose steep tariffs on panels and cells from
four Asian countries in order to protect billions of dollars in
investments in U.S. manufacturing.
    Seven companies - Korea's Hanwha Qcells  000880.KS ,
Switzerland's Meyer Burger  MBTN.S , Norway's REC Silicon
 RECSI.OL  and U.S. companies First Solar Inc  FSLR.O , Convalt
Energy, Mission Solar and Swift Solar - are behind the petitions
filed with the U.S. Department of Commerce and the International
Trade Commission, they said in a statement.
    The American Alliance for Solar Manufacturing Trade
Committee is accusing Chinese companies with factories in
Malaysia, Cambodia, Vietnam and Thailand of flooding the U.S.
market with panels priced below their cost of production. That
has caused prices to collapse by more than 50%, threatening
their U.S.-made products, they said.
    The Biden administration has voiced concerns in recent weeks
over China's massive investment in factory capacity for clean
energy goods. Officials including Treasury Secretary Janet
Yellen, have said the U.S. is evaluating trade remedies to deal
with that threat.
        Biden's landmark climate change law, the Inflation
Reduction Act, includes hefty incentives for companies that
produce clean energy equipment in the United States.
  
        Since its passage in 2022, solar companies have
announced more than 40 factories representing nearly $13 billion
in investment, according to projects tracked by the clean energy
business advocacy group E2.   
  
        The petitioning companies are asking the U.S. Commerce
Department to impose anti-dumping and countervailing duties that
would offset the impact of foreign subsidies and ensure the
products are priced at fair market value.
  
        "There is no question, despite the passage of the
Inflation Reduction Act, the U.S. solar manufacturing industry
is injured and remains in a very precarious position," Tim
Brightbill, the group's attorney, said on a call with reporters.
  

 (Reporting by Nichola Groom
Editing by Tomasz Janowski and David Gregorio)
 ((nichola.groom@thomsonreuters.com;))