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					</table><p>Four months after announcing stiff tariff hikes on imports of solar cells, electric vehicles (EV), batteries, and critical minerals originating from China, the U.S. has confirmed that the new tariff regime will take effect from September 27, 2024.</p>
<p>The Office of the U.S. Trade Representative (<a href="https://ustr.gov/" target="_blank" rel="noopener">USTR</a>) said Chinese-manufactured electric vehicles would carry a 100% tariff and solar cells a 50% tariff. A 25% tariff will apply to EV batteries, critical minerals, aluminum, and steel.</p>
<p>A tariff of 50% has also been proposed for polysilicon used in solar panels starting 2025.</p>
<p><img loading="lazy" decoding="async" class=" wp-image-70380 aligncenter" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/09/Screenshot-1-300x86.jpg" alt="Screenshot-1" width="568" height="163" srcset="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/09/Screenshot-1-300x86.jpg 300w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/09/Screenshot-1-768x221.jpg 768w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/09/Screenshot-1-650x187.jpg 650w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/09/Screenshot-1-624x180.jpg 624w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/09/Screenshot-1-600x173.jpg 600w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/09/Screenshot-1.jpg 940w" sizes="(max-width: 568px) 100vw, 568px" /></p>
<p><img loading="lazy" decoding="async" class=" wp-image-70381 aligncenter" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/09/Screenshot-2-300x84.jpg" alt="Screenshot-2" width="572" height="160" srcset="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/09/Screenshot-2-300x84.jpg 300w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/09/Screenshot-2-768x216.jpg 768w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/09/Screenshot-2-650x183.jpg 650w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/09/Screenshot-2-624x175.jpg 624w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/09/Screenshot-2-600x169.jpg 600w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/09/Screenshot-2.jpg 922w" sizes="(max-width: 572px) 100vw, 572px" /></p>
<p>USTR, however, adopted 14 tariff exclusions to temporarily exclude solar cell and wafer manufacturing machinery. These exclusions apply to products imported from January 1, 2024, until May 31, 2025. It also decided against going ahead with five other proposed exclusions covering solar module manufacturing equipment.</p>
<p>USTR said the modifications <a href="https://www.mercomindia.com/us-tariff-chinese-solar-cells" target="_blank" rel="noopener">announced</a> in May 2024 were largely adopted, with several updates to strengthen the actions to protect American businesses and workers from China’s “unfair trade practices” following the review of more than 1,100 comments from the public.</p>
<p>According to USTR, China now dominates the manufacturing capacity of polysilicon and wafers, accounting for 93% of polysilicon manufacturing capacity and 95% of wafer capacity. China’s dominance in the manufacturing of wafers and polysilicon could undermine new investments in domestic manufacturing, impede the resiliency of U.S. supply chains for solar cells and semiconductors, and undermine the effectiveness of the tariffs on solar cells.</p>
<p>As a result of its efforts to dominate the EV market, China produces 70% of the world’s electric cars—jeopardizing productive investments elsewhere, USTR noted, adding that the increase in the duties on EVs will encourage diversification from Chinese sources.</p>
<p>Public responses to the Section 301 proposals were supportive of the tariff increases, which are critical to counter China’s policies and practices that target the solar industry. They note that China has invested in the long-term dominance of the global solar supply chain, which has resulted in limited alternatives and increasing dependence on Chinese suppliers.</p>
<p>Reacting to the U.S. move, a Chinese Commerce Ministry spokesperson described the tariff increases as a typical practice of unilateralism and trade protectionism. This would seriously undermine the international trade order and the security and stability of global industrial and supply chains.</p>
<p>China and the U.S. have been constantly at loggerheads since the U.S. introduced the Inflation Reduction Act (IRA), under which about $370 billion would be invested in clean energy programs. China formally <a href="https://www.mercomindia.com/china-us-wto-ira-subsidies" target="_blank" rel="noopener">petitioned</a> the World Trade Organization for dispute consultations with the U.S. regarding certain tax credits under the IRA to promote the production of EVs and renewable energy projects.</p>


US Tariff Increases on Solar, EV Imports from China to Start September 27, 2024


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					</table><p>A United States House of Representatives committee has voted to restore tariffs on solar panel imports from four Southeast Asian nations, reversing the Biden administration’s decision to allow more “unfair” solar imports from China into the U.S.</p>
<p>In a bipartisan move, the Ways and Means Committee said that by allowing solar products through Cambodia, Malaysia, Thailand, and Vietnam, “China is obviously circumventing American tariffs designed to ensure a level playing field for American workers.”</p>
<p>It recalled that even the <a href="https://www.commerce.gov/" target="_blank" rel="noopener">Department of Commerce</a> had determined that Chinese companies were shipping products through these four countries to avoid tariffs.</p>
<p>A department investigation found that Chinese solar manufacturers were evading antidumping and countervailing duties by assembling solar cells and modules in Southeast Asia before shipping them to the U.S.</p>
<p>“For years, China has been dodging American tariffs on solar products by exporting them to the United States through Southeast Asia, hurting American energy jobs and leaving our supply chain in the hands of the Chinese Communist Party,” the committee said, dubbing the decision to suspend tariffs on solar imports from these countries for two years as “misguided.”</p>
<p>In January, seven months after President Joe Biden announced a two-year duty exemption on solar modules and cells imported from the four Southeast Asian countries, a bipartisan group of Congressmen had <a href="https://www.mercomindia.com/us-lawmakers-seek-repeal-duty-waiver-solar-panels-southeast-asia" target="_blank" rel="noopener">introduced</a> a resolution of disapproval, demanding a rollback of the suspension of solar import tariffs.</p>
<p>The Congressional Review Act Resolution on Solar Tariffs stops the Commerce Department from implementing the Final Rule, giving effect to the proclamation suspending the import tariffs and preventing the issuance of any similar rule.</p>
<p>Last December, the Department of Commerce had, however, <a href="https://www.mercomindia.com/us-clarifies-anti-circumvention-probe-module-imports" target="_blank" rel="noopener">clarified</a> the scope of the anti-circumvention investigation, saying solar cells made in any of the four Southeast Asian countries under investigation, even if made with wafers from China, that are then exported to a different country and further assembled into modules or other products, would not be considered exports from these four countries.</p>
<p>Industry groups in the U.S. had criticized the investigation contending that the pipeline projects in the country would be impacted adversely, as domestic manufacturing capacity was not in a position to cater to the increasing demand.</p>
<p>The ban on imports of Chinese-made panels has <a href="https://www.mercomindia.com/indian-solar-module-exports-us-surge" target="_blank" rel="noopener">benefited</a> Indian manufacturers. India’s solar module exports witnessed an unprecedented 321% hike year-over-year, totaling $561.6 million, driven by U.S. demand, accounting for over 95% of the shipments.</p>


US Lawmakers Vote to Repeal Tariff Suspension on Solar Imports


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					</table><p><a href="https://mercomindia.com/solar-pins-hopes-budget-2023-long-wish-list/" target="_blank" rel="noopener">The solar sector has a long wish list for the Union Budget 2023, which will be presented in a few days.</a> Stakeholders look forward to Finance Minister Nirmala Sitharaman announcing tax and duty waivers for solar equipment, extending the Production Linked Incentive (PLI) program to the MSME sector, solar manufacturing to be considered under priority sector lending, and lifting duties on the import of machinery. After one of the best years for the solar sector in terms of installations, stakeholders exude optimism about 2023, despite higher prices and supply challenges.</p>
<p><a href="https://mercomindia.com/mnre-timeline-extension-solar-projects-bcd-announcement/" target="_blank" rel="noopener">The Ministry of New and Renewable Energy (MNRE) has extended the timeline for the completion of solar and wind-solar hybrid projects for which bids were finalized before March 9, 2021. </a>The extension is provided until March 2024. The Basic Customs Duty on the import of solar modules and cells came into effect on April 1, 2022. The ministry noted that many projects whose bids were finalized before the announcement but were delayed due to the COVID-19 pandemic and the resultant supply chain disruptions now come under the purview of the BCD.</p>
<p><a href="https://mercomindia.com/ntpc-floats-balance-of-system-tender-for-1-gw-solar-projects/" target="_blank" rel="noopener">NTPC Renewable Energy has invited bids for the balance of system (BoS) package with land for interstate transmission system (ISTS)</a>-connected solar projects up to 1,000 MW anywhere in India except Rajasthan with a greenshoe option for an additional 500 MW. The successful bidder will also have to take care of the comprehensive operation and maintenance of the systems for three years. The last day to submit the bids is March 21, 2023. Bids will be opened on the same day. The cost of the bidding documents is ₹22,500 (~$275).</p>
<p><a href="https://mercomindia.com/tesla-q4-profit-up-19-yoy-solar-storage-revenues-rise/" target="_blank" rel="noopener">Tesla recorded a revenue of $24.32 billion from all its businesses in the fourth quarter (Q4) of 2022, a year-over-year (YoY) of 37% compared to $17.72 billion in the previous quarter. </a>On a quarter-over-quarter (QoQ) basis, the revenue rose by 13% compared to $21.45 billion. Tesla’s total gross profit for the quarter was $5.78 billion, up 19% YoY compared to $4.85 billion. Total gross profit increased by 7% QoQ compared to $5.38 billion. The adjusted earnings before interest, tax, depreciation and amortization (EBITDA) amounted to $5.4 billion in Q4, a YoY jump of 32% from $4.09 billion. EBITDA went up by 8% QoQ compared to $4.97 billion.</p>
<p><a href="https://mercomindia.com/nexteras-clean-energy-business-net-income-up-17-yoy-in-q4-2022/" target="_blank" rel="noopener">The U.S.-based energy company NextEra Energy reported a net income of $1.52 billion for the fourth quarter (Q4) of 2022, up by 26.41% year-over-year (YoY)</a>, driven primarily due to successful executions of growth initiatives by all businesses of the company. NextEra Energy’s net income for the full year 2022 increased by 16% to $4.15 billion. NextEra Energy is a holding company for a regulated retail utility (the combined Florida Power &amp; Light (FPL) and Gulf Power that together have about six million customer accounts) and an unregulated generation subsidiary, NextEra Energy Resources, which generates clean energy from solar, wind, and nuclear power.</p>
<p><a href="https://mercomindia.com/low-carbon-energy-investment-exceeds-1-trillion/" target="_blank" rel="noopener">Investments in the low-carbon energy transition have accounted for a record-breaking $1.1 trillion in 2022 and have reached parity with capital deployed for fossil fuel supply,</a> a BloombergNEF report has said. The investment was primarily driven by the energy crisis and policy action, leading to faster deployments of clean energy technologies. BNEF’s Energy Transition Investment Trends annually tracks how much funding businesses, financial institutions, governments, and end-users are committing to the low-carbon energy transition.</p>
<p><a href="https://mercomindia.com/us-lawmakers-seek-repeal-duty-waiver-solar-panels-southeast-asia/" target="_blank" rel="noopener">US Lawmakers Seek Repeal of Duty Waiver on Solar Panels from Southeast Asia.</a> Seven months after President Joe Biden announced a two-year duty exemption on solar modules and cells imported from four Southeast Asian countries, a bipartisan group of Congressmen is seeking to repeal the waiver. A resolution of disapproval, which expects support from both Democrats and Republicans, has been introduced in the House of Representatives that demand a rollback of the suspension of solar import tariffs.</p>


Daily News Wrap-Up: Solar Sector Pins Hopes on Budget 2023

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