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22-08-2024, 07:17 AM
Updated Aug 21, 2024, 11:44 PM
SINGAPORE – The future of South-east Asia’s booming solar industry, which produces the most panels in the world after China, is being thrown into doubt as the US looks set to impose hefty tariffs on the region.
Chinese firms that set up factories in the region over the last decade are now being accused of skirting US import levies on their home market.
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Thailand, Vietnam and Malaysia, which, along with Cambodia, are being targeted by Washington.
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Some US firms are now asking Washington for further tariffs of as high as 272 per cent on all solar products from the four countries, although BNEF said in May that they would likely be between 30 per cent and 50 per cent. That compares with levies of 25 per cent on China, which the White House is planning to double.
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US solar panel imports from South-east Asia surged 36 per cent to a record in the last quarter as buyers raced to lock in supply before tariff waivers ended.
Since then, Chinese and Malaysian publications have reported that Longi halted five production lines in Vietnam and began winding down operations in Malaysia, Trina is planning to shut some capacity in the region, and Jinko Solar closed a plant in Malaysia.
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As well as imperilling South-east Asian production, it could jeopardise Washington’s decarbonisation efforts, given more than three-quarters of its solar product imports came from the region in 2023.
Efforts to limit the perceived circumvention of US restrictions on Chinese imports are likely to continue and this would be especially true if Donald Trump gets elected
......
Trump is “extremely focused” on countries that the US has trade deficits with, and these include many South-east Asian nations
https://www.straitstimes.com/business/so...ade-stress
SINGAPORE – The future of South-east Asia’s booming solar industry, which produces the most panels in the world after China, is being thrown into doubt as the US looks set to impose hefty tariffs on the region.
Chinese firms that set up factories in the region over the last decade are now being accused of skirting US import levies on their home market.
......
Thailand, Vietnam and Malaysia, which, along with Cambodia, are being targeted by Washington.
......
Some US firms are now asking Washington for further tariffs of as high as 272 per cent on all solar products from the four countries, although BNEF said in May that they would likely be between 30 per cent and 50 per cent. That compares with levies of 25 per cent on China, which the White House is planning to double.
......
US solar panel imports from South-east Asia surged 36 per cent to a record in the last quarter as buyers raced to lock in supply before tariff waivers ended.
Since then, Chinese and Malaysian publications have reported that Longi halted five production lines in Vietnam and began winding down operations in Malaysia, Trina is planning to shut some capacity in the region, and Jinko Solar closed a plant in Malaysia.
......
As well as imperilling South-east Asian production, it could jeopardise Washington’s decarbonisation efforts, given more than three-quarters of its solar product imports came from the region in 2023.
Efforts to limit the perceived circumvention of US restrictions on Chinese imports are likely to continue and this would be especially true if Donald Trump gets elected
......
Trump is “extremely focused” on countries that the US has trade deficits with, and these include many South-east Asian nations
https://www.straitstimes.com/business/so...ade-stress
