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The United States is imposing anti-subsidy taxes on China’s solar panels, after investigations showed that the companies were receiving subsidies from the Chinese regime. Here’s more.
On Tuesday, the US Department of Commerce ruled to add a customs tax on China’s solar panels after carrying out a months-long investigation. It’s to counter Chinese state subsidization in the industry.
The US imported over $3.1billion in solar panels from China last year. Due to cheap solar panels from China, Prices for solar panels have dropped nearly 30% since last year.
The US has applied taxes on Chinese companies according to the level of subsidization they were believed to have received to offset the figures.
The world’s largest producer, China Suntech will have a 2.9% tax imposed. A different firm, Changzhou Trina solar energy will receive a tax of 4.73%. All other companies will be taxed at 3.61%
Taxes will also apply for products shipped within the past 90 days of the ruling. Deposits from the companies are being collected now before the final ruling is made in June.
Chinese companies have argued that US offers subsidization for its companies as well. The Chinese regime has stated it will launch its own investigation into the United States’ renewable energy.
Post time: Feb-05-2017