Biden Administration Probe Extension Of Trump's Solar Tariffs Delays Solar Pro-jects With Commerce Department Expected To Issue Preliminary Determination By End Of August; Solar Integrated Roofing Corp. (OTC PINK: SIRC) Bullish On Solar System Installations

Biden Administration Probe Extension Of Trump’s Solar Tariffs Delays Solar Pro-jects With Commerce Department Expected To Issue Preliminary Determination By End Of August; Solar Integrated Roofing Corp. (OTC PINK: SIRC) Bullish On Solar System Installations

Posted May 3, 2022

In NASDAQ: BLNK, NASDAQ: CSIQ, NASDAQ: EVGO, NASDAQ: ROCK, NASDAQ: RUN, NASDAQ: SEDG, NASDAQ: SPWR, NASDAQ: TSLA, NYSE: CHPT, NYSE: SPRQ, OTC PINK: SIRC

Remember President Biden’s Commerce Department probe of how countries like China, Cambodia, Thailand, Vietnam and Malaysia illegally circumvented President Trump’s tariffs on solar panels? Well, now it means months of delay in solar projects because these countries combined produce 80% of solar panels for the U.S. Solar Integrated Roofing Corp. (OTC PINK: SIRC) bullish on solar system installations.

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 Probe Extension Of Trump’s Solar Tariffs Delays Solar Projects With Commerce Department Expected To Issue Preliminary Determination By End Of August; Solar Integrated Roofing Corp. (OTC PINK: SIRC) Bullish On Solar System Installations

These countries may have conspired to circumvent the tariffs by re-routing the panels, avoiding the penalties. The Biden Administration’s decision on President Trump’s solar panels 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.

The probe is now creating months or longer delays in major solar projects. The solar industry wants Commerce to expedite its decision making.

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 are hoping the federal U.S. government will continue to protect them. Biden Administration Probe Extension Of Trump’s Solar Tariffs Delays Solar Projects With Commerce Department Expected To Issue Preliminary Determination By End Of August; Solar Integrated Roofing Corp. (OTC PINK: SIRC) Bullish On Solar System Installations.

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.

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 that 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. Biden Administration Probe Extension Of Trump’s Solar Tariffs Delays Solar Projects With Commerce Department Expected To Issue Preliminary Determination By End Of August; Solar Integrated Roofing Corp. (OTC PINK: SIRC) Bullish On Solar System Installations.

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. SIRC is building a nationwide brand and growing in size

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.

Learn more about SIRC at https://www.solarintegratedroofing.com/corporate-governance/leadership/.

Source: Stock Market Press

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Nitin Harlalka

Nitin Harlalka is a Stock Market Press contributor who has covered financial market for close a decade. With a graduate degree in Economics, Nitin has been a freelance stock market and business journalist for a range of publications. Most recently, he has covered emerging industries such as cannabis and blockchain.