Biden Administration Extends Trump’s Solar Tariffs For Four Years, But Doubles The Amount Of Solar Panels That May Be Admitted To The US Without Any Lev-ies; Solar Integrated Roofing Corp.’s (OTC PINK: SIRC) Core Business Is Solar System Installations
Like a tie ‘kissing your sister,’ then the Biden Administration’s decision on President Trump’s solar panels due to expire yesterday was split right down the middle. It didn’t decide to keep or cancel the four-year-old tariffs. Rather, it decided to extend the tariffs another four years — but let double the number of panels from abroad (primarily China-made) enter without any levies. To many solar installers, the decision was received well — but US solar-makers are unhappy this domestic industry was not protected.
stockmarketpress.com features specialized coverage of related stocks in the solar, roofing, EV charging stations and battery charging energy industry such as Solar Integrated Roofing Corp. (OTC PINK: SIRC), Sunburn, Inc. (NASDAQ: RUN), Blink Charging Co. (NASDAQ: BLNK), Tesla, Inc. (NASDAQ: TSLA), GM (NYSE: GM), SolarEdge Technologies, Inc. (NASDAQ: SEDG), First Solar, Inc. (NASDAQ: FSLR), SunPower (NASDAQ: SPWR), Gibraltar Industries, Inc. (NASDAQ: ROCK), Spartan Acquisition Corp. II (NYSE: SPRQ). and Canadian Solar Inc. (NASDAQ: CSIQ).
Biden Administration Extends Trump’s Solar Tariffs For Four Years, But Doubles The Amount Of Solar Panels That May Be Admitted To The US Without Any Levies; Solar Integrated Roofing Corp.’s (OTC PINK: SIRC) Core Business Is Solar System Installations
President Biden’s administration was in a hard place making a decision which had to be delivered by the deadline: yesterday.
Solar industry advocacy groups, like Solar Energy Industries Association (SEIA), say, “Tariffs only stand in the way of by slowing growth of deployment and undermining efforts of to replace fossil fuels with cleaner renewable energy,” The Wall Street Journal reports.
Meanwhile, US makers of solar panels are petitioning to extend the tariffs another four years. They were hoping the federal U.S. governement would continue to protect them.
So, the Biden Administration really made a split decision — extending them for four more years, while letting double the number of solar panels from abroad enter the U.S. with no levies of any kind. Biden Administration Extends Trump’s Solar Tariffs For Four Years, But Doubles The Amount Of Solar Panels That May Be Admitted To The US Without Any Levies; Solar Integrated Roofing Corp.’s (OTC PINK: SIRC) Core Business Is Solar System Installations.
David Massey, chairman and CEO of Solar Integrated Roofing Corp. (OTC PINK: SIRC), has said repeatedly in interviews and Q&A sessions that SIRC tries to use US-made solar panels whenever possible — with quality a key issue in making the selection.
The US International Trade Commission (ITC) recommended that the tariffs be continued past their February 6, 2022 expiration date. In essence, the ITC expressed interest in protecting the domestic solar panel manufacturing industry.
President Biden bypassed the ITC recommendation, and made a balanced final decision. Domestic solar-making companies like Auxin Solar, Inc., of San Jose, California, says, “Gutting the safeguard this way makes it almost impossible to believe that we will ever produce solar cells, solar wafers, or polysilicon for solar production in this country ever again,” according to Company president Mamun Rashid.
President Trump first imposed the tariffs in January 2018. Solar lobby group SEIA would have preferred al solar tariffs were lifted entirely, but Abigail Ross Hopper, Association president, appears happy with the decision, calling it a ‘balanced decision.’
About two-thirds of the solar modules that go on rooftop installations originate in China. Another 15 are made by other countries in Southeast Asia.
The domestic U.S. solar-manufacturing industry is still trying to get on its feet following after the impact of supply chain issues and competitive pricing issues with China.
The US Energy Department estimates that 40% of all US electricity could be generated by solar by 2030. The result could also be 1.5 million jobs. So the stakes are high.
Solar installers like SIRC want to see the solar industry grew nationally. As SIRC builds a nationwide brand and grows in size,it seeks an exchange up list. Biden Administration Extends Trump’s Solar Tariffs For Four Years, But Doubles The Amount Of Solar Panels That May Be Admitted To The US Without Any Levies; Solar Integrated Roofing Corp.’s (OTC PINK: SIRC) Core Business Is Solar System Installations.
At day’s end, the Biden administration initially agreed with Trump’s extended and higher tariffs. Then it faced a difficult decision when these expired yesterday. Now it has made a down-the-middle final decision that really does not protect the small domestic solar manufacturing industry. ut it does extends tariffs on half of import
A U.S. Judge had prior overturned Trump tariffs on some imported solar panels. The decision was reported by Reuters on NASDAQ.
In the legal case, Solar Energy Industries Association vs. U.S., the SEIA argued that the tariffs were “an unlawful attempt to harshen tariffs.” Trump was trying to protect American solar makers from foreign competition. The Biden Administration, rarely in agreement with a Trump policy, agreed with the tariffs.
SIRC, like other solar installers, is waiting for more federal tailwinds for solar initiatives. is halfway home. President Biden has signed the passed $1 trillion Infrastructure bill. Build Back Better (BBB) is long gone and included $320 billion for clean energy initiatives via tax credits. It would mark the biggest spending program on climate investment in U.S. history — but it is dead legislatively in its current form.
As part of an eco-system alternative energy spending package, Biden’s ‘Build Back Better’ bill is a massive social spending bill. It also allocates funding support for solar, wind and other alternative energy sectors. To get it passed, Biden may need to slice it up and offer it in acceptable ‘bites’ or ‘chunks.’
For SIRC and other solar installation firms, the solar tax incentives proposed would enable them to close sales on more solar installations.
Biden Administration Extends Trump’s Solar Tariffs For Four Years, But Doubles The Amount Of Solar Panels That May Be Admitted To The US Without Any Levies; Solar Integrated Roofing Corp.’s (OTC PINK: SIRC) Core Business Is Solar System Installations.
Learn more about SIRC at https://www.solarintegratedroofing.com/corporate-governance/leadership/.
Source: Stock Market Press
Join Stock Market Press’ newsletter for the latest in IPO, market commentary and company profiles.
Stock Market Press is a financial news company that delivers up to date stock news, introduces private and public companies to a wide audience of investors, consumers, journalists and the general public via social media and a rapidly expanding network.
Stock Market Press
110 Wall St.
New York, NY 10005 email@example.com https://twitter.com/PressStock
Safe Harbor Statement:
Statements in this news release may be ”forward-looking statements.” Forward-looking statements include, but are not limited to, statements that express our intentions, beliefs, expectations, strategies, predictions or any other statements relating to our future activities or other future events or conditions. These statements are based on current expectations, estimates and projections about our business based, in part, on assumptions made by management. These statements are not guarantees of future performance and involve risks, uncertainties and assumptions that are difficult to predict. Therefore, actual outcomes and results may, and are likely to, differ materially from what is expressed or forecasted in forward-looking statements due to numerous factors. Any forward-looking statements speak only as of the date of this news release and Stock Market Press undertakes no obligation to update any forward-looking statement to reflect events or circumstances after the date of this news release.
See Stock Market Press disclaimer: https://stockmarketpress.com/disclaimer/ SOURCE: Stock Market Press