Earlier this year Trump announced a big ol' MAGA tariff on solar panels imported from China. This was great news for the U.S. solar industry, who later announced $1 billion in investment and job hires! However, this was bad news for the U.S. solar industry, who later announced $2.5 billion in investment and jobs losses. Thank you for joining me, in today's brief lesson on tariffs.
Billions in U.S. solar projects shelved after Trump panel tariff
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‘A LOT OF ROBOTS’
Trump’s tariff has boosted the domestic manufacturing sector as intended, which over time could significantly raise U.S. panel production and reduce prices.
Panel manufacturers First Solar (
FSLR.O) and JinkoSolar (
JKS.N), for example, have announced plans to spend $800 million on projects to increase panel construction in the United States since the tariff, creating about 700 new jobs in Ohio and Florida. Just last week, Korea’s Hanwha Q CELLS (
HQCL.O) joined them, saying it will open a solar module factory in Georgia next year, though it did not detail job creation.
SunPower Corp, meanwhile, purchased U.S. manufacturer SolarWorld’s Oregon factory after the tariff was announced, saving that facility’s 280 jobs. The company said it plans to hire more people at the plant to expand operations, without specifying how many.