US lawmakers seek to block Chinese firms from solar manufacturing subsidy [View all]

Source: Reuters

July 31, 2024 6:09 PM EDT Updated 11 hours ago


July 31 (Reuters) - A bipartisan group of U.S. lawmakers on Wednesday introduced a bill that would block Chinese solar panel makers from claiming subsidies for their American factories.

WHY IT MATTERS

The American Tax Dollars for American Solar Manufacturing Act was introduced as some of the world's largest solar panel producers, which are based in China, are setting up factories in the United States. Their facilities are supported by new tax credits created by President Joe Biden's landmark climate change law, the 2022 Inflation Reduction Act.

The Biden administration has sought to boost investment that creates U.S. jobs in clean energy, but is desperate to prevent over-reliance on geopolitical rival China.

Some U.S. solar equipment manufacturers have said they find it hard to compete against a flood of cheap imports and are worried by China's outsized presence in the global market.

Read more: https://www.reuters.com/business/energy/us-lawmakers-seek-block-chinese-firms-solar-manufacturing-subsidy-2024-07-31/