BREAKING: Biden to waive tariffs for 24 months on solar panels hit by probe

Reuters reports that President Biden will declare a 24-month tariff exemption for solar panels from four Southeast Asian nations.

WASHINGTON, June 5 (Reuters) – President Joe Biden will declare a 24-month tariff exemption on Monday for solar panels from four Southeast Asian nations after an investigation froze imports and stalled projects in the United States, sources familiar with the matter told Reuters.

The move comes amid concern about the impact of the Commerce Department’s months-long investigation into whether imports of solar panels from Cambodia, Malaysia, Thailand and Vietnam are circumventing tariffs on goods made in China.

Biden’s action would allay companies’ concerns about having to hold billions of dollars in reserves to pay potential tariffs, one source familiar with the White House’s plans said.

“There is going to be this safe harbor timeout on the … collection of duties, and that’s at the heart of what’s going to save all of these solar projects and ensure that they are going forward,” the source said.

Biden also will invoke the Defense Production Act to drive U.S. manufacturing of solar panels and other clean energy technologies in the future, with the support of loans and grants, the sources said.

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Source: Reuters

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