May. 18, 2012 (China Knowledge) - The U.S. Department of Commerce announced yesterday it would set punitive tariffs of 30% or more on solar imports from China
. The commerce department claims the Chinese solar exporters are dumping cut-price solar products into the U.S. market.
The action had slammed the stock prices of Chinese listed-companies that include Yingli Green Energy Holding Co Ltd<YGE>, LDK Solar Co Ltd<LDK>, Canadian Solar Inc<CSIQ>, JA Solar Holdings Co Ltd<JASO> and JinkoSolar Holding Co Ltd<JKS>.
Other Chinese companies could even suffer a 250% tariff.
The new tariffs follow a previous duty range between 3% and 5% levied in March by the U.S. that ruled the Chinese companies had received unfair export subsidies.
Around 20% of the total revenue in Chinese solar industry derived from the U.S., said analysts, adding that China
exported US$3.1 billion worth of solar products to the U.S. in 2011, much more than US$600 million in 2009.
The punitive tariffs could drive up the prices of solar products in U.S. and dampen the nascent growth of clean energy in the country.