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“China was cheating, China was dumping, China had subsidies from the government,” he says. “Over 30 (American) manufacturers in the last five years have had to step out of the market because of dumping subsidized products in the United States.”
The two remaining American manufacturers, SolarWorld Americas and Suniva, both filed for bankruptcy and testified last fall before the bipartisan International Trade Commission, which unanimously recommended tariffs be imposed.
While signing his executive order Trump warned other nations: “Our companies will not be taken advantage of anymore, and our workers are going to have lots of really great jobs with products that are going to be made right here in the good old U.S.A.”
The tariffs will last four years, beginning at 30 percent in the first year, reduced annually until they hit 15 percent in the fourth year.
Stein says SolarWorld started rehiring workers and increasing output after the ITC’s ruling: “We are at the moment about 50 percent of our capacity and we want to ramp further and bring people back to work.”
China’s largest solar panel manufacturer, Jinko Solar, has announced it now plans for the first time to build a plant in Jacksonville, Florida.
The new schedule will make them pay much more for the electricity they draw from the grid in the evening, while paying those customers less for the excess power their solar panels send back to the grid on sunny summer days.
originally posted by: TheBadCabbie
Plenty more in the article to ponder. What do you think?
Eighty four years ago on this day President Hoover signed the now-infamous Smoot-Hawley tariff bill, which substantially raised U.S. tariffs on some 890 products. Other countries retaliated and world trade shrank enormously; by the end of 1934 world trade had plummeted some 66 percent from the 1929 level.
The Tariff Act of 1930 (aka the Smoot-Hawley Tariff Act), started out as a bill that would only raise tariffs on some agricultural products, but a host of other special interests piled on and before the legislation finally reached President Hoover’s desk it represented one of the largest tariff increases in U.S. history.
Two years later unemployment had reached almost 24 percent in the U.S., more than 5000 banks had failed, and hundreds of thousands were homeless and living in shanty towns called “Hoovervilles”. Our economic woes spread around the world, although other countries weren’t hit as hard; while our unemployment rate increased some 600%, unemployment in Great Britain rose some 130% and over 200% in France and Germany.
Today, the Smoot-Hawley tariffs represent a cautionary tale. Regardless of whether they were the major cause of the Great Depression or not, they definitely were a truly terrible idea. In today’s world where Central Banks have been pumping out liquidity and inflating stocks, similar to the case in the 1920s, we must hope that we don’t repeat the mistake of Smoot-Hawley.
originally posted by: snowspirit
a reply to: SailorJerry
Trump really like to stir crap up. It'll be interesting to see what all these new tariffs are going to do globally.....hoping it doesn't mess up the economy too badly.
originally posted by: burgerbuddy
Sorry but it's funny when some say there are slave wages in China.
They have a huge middle class.
They swarm HK every weekend with luggage to fill with products.
Spending big money, I see their shopping carts full of stuff.
I see bentley's and tesla's and everything else with mainland plates.
The Rolls are the bomb tho. Sweet!
I live in the corner of nowhere and still have a ferrari in my parking lot.
That's why prices are so high here and laws are being implemented to counter their influence.
Imagine if Mexico was rich, or better yet, tru story, Cali started buying up Colorado from the Texans in the 90's, for real.
Drove up prices all over the economic map.
We could deal with the texans. Good peoples.
Mainland Chinese are like people that just won the powerball lottery.
originally posted by: SailorJerry
Tariffs and trade wars arent always a good thing
This had devastating affects on the US, and this was at a time when we actually PRODUCED a lot of goods. We DO NOT produce like we use to.
people really need to look at history and where we are economically and with our own production and consumption before bandwagonning this.
Those who forget history are doomed to repeat it