The booming solar power industry is stunned by President Trump’s recent decision to impose a massive tax on imported solar panels. The president says the tariff will create “a lot of jobs” but industry insiders say it will destroy many more, and slow the use of solar power.
The president announced new tariffs on imported solar panels on January 23rd. The tariffs begin at 30% for the first year and decrease to 15% in the fourth year. The purpose for the tax is to protect the solar industry from what some companies interpret as unfair trade practices. But industry experts say the plan could backfire. They cite the response to a tariff on foreign steel imports imposed by then president George W. Bush in 2002.
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