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Yet again new punishment for Chinese exporters!

in International Business

Yet again new punishment for Chinese exporters!

The US has said it will impose tariffs of about 30% on imports of solar panels from China. This ruling came after Chinese solar panel manufacturers flooded America’s market with cheap solar panels.

China has been successful in attracting customers in the U.S. by dumping low-priced products on US markets. The US had already set custom duties on Chinese manufacturers of between 2.9% and 4.73% in March.

The trade tension between the two giant economies has been escalating recently. Earlier this year, US President Barack Obama announced a new task force that would crack down on unfair practices by America’s trading partners.

Opponents of the decision, however, said the tariffs could hurt the industry as a whole.

They argued that less expensive imports had helped make solar panels more affordable for US customers.

Jigar Shah, head of the anti-tariff Coalition for Affordable Solar Energy, said this could lead to job losses calling it “a heavy blow for America’s solar industry”.

He said the tariffs should be reduced before they are confirmed later this year.

China was earlier accused by President Obama for its unfair trade practices, mainly its undervalued currency that tilts the balance in China’s favor.

China heavily relies on exports to the United States and the overconsumption of the American household encourages Chinese exports.



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