Business
Chinese solar firms hit by US duties
In the wake of these unexpectedly high tariffs, Chinese solar companies have lashed out at the decision. They're calling it unreasonable and unfair.
The move by the U.S. aims to boost its domestic manufacturing industry, fiercely challenged by low-cost Chinese imports.
Suntech, Trina and 59 other Chinese companies were told to pay duties of a little more than 31 percent. All other Chinese producers received a rate of nearly 250 percent.
Chinese solar companies lashed out at the duties.
Shi Zhengrong, Chairman & CEO of Wuxi Suntech, said, "We never thought they would impose such a high tariff. It’s unfair for Chinese solar companies. We are very disappointed."
Gao Jifan, Chairman & CEO of Trina Solar, said, "The tariff is too high, very unreasonable."
The new U.S. ruling has its origins in a complaint filed last October by the U.S. subsidiary of Germany’s SolarWorld, and six other U.S. companies that alleged unfair competition .
Shares of U.S.-based solar companies rose on the news, with First Solar gaining nearly 7 percent and Sunpower gaining 10 percent.
But Chinese companies say they will continue to defend themselves to avoid a final ruling.
Robert Petrina, Managing Director of Yingli Solar, US, said, "We are not dumping, nor do we believe that we are unfairly subsidized. We spent the past 8 months defending ourselves, and we’ll continue to do so. We are actually standing here today with support of tens of thousands of US solar developers, suppliers who are also on our side."
The US commerce department is expected to make its final ruling this fall and will begin collecting the tariffs if the International Trade Commission determines in November that the under-priced panels are injuring the solar industry.
<Previous Next>
Reader's Comment