US duty free for 2 years for solar panels imported from Vietnam

The US will use the wartime emergency production law to produce solar panels for households – Illustration by CNBC

White House notice says certain taxes will be waived for 2 years for plates solar battery from Vietnam, Cambodia, Malaysia and Thailand. The US side did not specify what the exempted taxes were.

However, according to Reuters news agency, the tax exemption will create conditions for businesses in the clean energy industry to free up billions of dollars for production.

This amount was initially put on a freeze, in case additional tariffs the US could impose on the panels. solar battery and components imported from the above 4 countries.

China is not on the list of exempted tariffs because the US Commerce Department is investigating whether some Chinese companies are evading US tariffs by moving assembly to other countries.

“Today’s clean energy technology is a vital part of the arsenal we must harness to reduce energy costs for homes, reduce risks to the power grid, and address the pressing gas crisis.” post-change,” the White House raised the issue.

Tax exemptions for countries will help promote clean energy use and production in the US, according to Reuters.

The administration of President Joe Biden will use the Defense Production Act (DPA) to speed up production of components in a clean energy production system.

According to the White House, DPA is also being used to expand the production of insulation materials for buildings, heat pumps, transformers and equipment for “clean fuels generated from electricity” such as electrolyzers and generators. fuel cells.

Heather Zichal, executive director of the Clean Electric Association of America, welcomed the Biden administration’s tax exemption announcement and said it would give energy producers more confidence.