SunPower celebrates as US unveils solar tariff exclusions
Solar module by SunPower. Author: PSNH. License: Creative Commons, Attribution-NoDerivs 2.0 Generic
The Office of the US Trade Representative (USTR) on Wednesday revealed a list of products that will be excluded from the solar tariffs imposed in January 2018, giving SunPower Corp (NASDAQ:SPWR) a reason to celebrate.
US President Donald Trump approved in January recommendations to impose a 30% year-one tariff on solar photovoltaic (PV) imports pursuant to Section 201 of the Trade Act. The tariff will be reduced to 25% in the second year, 20% in the third and 15% in the fourth.
The document notes that the USTR has received 48 product exclusion requests after publishing a notice in mid-February that established procedures to consider such requests. It continues to evaluate requests received by March 16, but it will not be considering requests beyond this date.
Even though it is a US-based company, SunPower produces its modules overseas, including in the Philippines and Malaysia. The company agreed to buy SolarWorld Americas in April in order to return to US manufacturing.
“To this end, we are continuing with our planned acquisition of the SolarWorld Americas manufacturing facility in Hillsboro, Oregon and expect the transaction to close before the end of the quarter,” Tom Werner, CEO and chairman of SunPower, commented in a press statement.