Image: Official photo of the White House by Shealah Craighead
By ESS News
In one of the greatest shakups in global trade in history, President Donald Trump has declared radical taxes on American trading partners around the world. The new American import rates, including a basic line of 10% on all goods and higher rates for important trading partners, such as China, Malaysia and Vietnam, is expected to have a significant impact on the American battery energy storage industry.
In addition to the universal 10%, which will be implemented on April 5, the Trump administration has each mentioned 60 countries with a specific mutual rate percentage. These include 34% for China, 26% for India, 25% for South Korea, 24% for Japan, 20% for the European Union and 10% for the UK. The mutual rates will be in operation on 9 April.
Batteries are currently the only large Cleantech sector where imports are predominantly from China. As a result, the effects of rates on batteries are expected to be much more important compared to other technologies.
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