Good news for the solar power industry! China and the United States have signed a Phase 1 trade deal that signals a rollback in the back-and-forth tariff between the countries. Solar Power inverters are part of the $200 billion of Chinese imported goods tariffed at 10% that started in September 2018.
China and the United States have signed a Phase 1 trade deal that signals a rollback in the back-and-forth tariffs between the countries, according to the U.S. Chamber of Commerce. Solar power inverters are part of the $200 billion of Chinese imported goods tariffed at 10% that started in September 2018. Trump threatened to raise those tariffs by 25% at the start of 2020, but held off due to the start of negotiations with China. Solar panel tariffs are global and separate from the 10% Chinese tariffs.
“We commend both governments for staying the course and taking this important step to rebuild trust and restore some stability in the world’s most important commercial relationship,” said U.S. Chamber CEO Thomas J. Donohue. “This deal provides much needed certainty to American businesses as they begin the new year.”
CNBC reports the deal includes a commitment by China to buy more U.S. agricultural products and a promise by the United States to cancel or reduce some tariffs.
“This agreement signifies a new chapter in U.S.-China relations. When fully implemented, China’s commitments will create a better environment for U.S. exporters and investors and begin the process of rebalancing the economic relationship between the United States and China,” said Donohue. “We hope this deal will usher in a new era of trust between both countries and pave the way for Phase 2 negotiations to begin in a timely manner.”
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