President Trump’s decision to impose tariffs on imported solar materials is already taking its toll on U.S. jobs.
After putting plans on hold last month to expand its factories in the United States, SunPower Corp., one of the nation’s largest solar panel manufacturers, now intends to lay off between 150 and 250 workers from its U.S. operations, or 3 percent of its global workforce, as part of a plan to cut operating expenses by 10 percent.
SunPower attributed the job cuts to the 30-percent tariffs imposed by the Trump administration on imported solar cells and panels, The Hill reported Wednesday. Company chief executive Tom Werner estimates the new tariffs will cause the company to lose $50 million in 2018 and as much as $100 million in 2019.
Werner’s comments built on information that SunPower released in a filing submitted to the Securities and Exchange Commission (SEC) last week. The news also came only two weeks after SunPower reported a 35-percent decrease in revenue in 2017 compared to 2016.
Werner told The Hill that it has already begun the layoffs. Based in San Jose, California, SunPower imports most of its components from manufacturing facilities in the Philippines and Mexico.
Trump slapped the 30-percent tariff on imported solar cells and panels in January after the U.S. International Trade Commission ruled last year that China had harmed the domestic solar manufacturing industry with policies aimed at taking over the global market. The industry gets about 80 percent of its solar panel products from imports.
The Solar Energy Industries Association, the primary lobby group for the U.S. industry, estimates Trump’s decision may cost the fast-growing industry about 23,000 jobs in 2018 and cause billions of dollars in solar investments to be canceled or delayed. The industry currently employees more than 260,000 people, primarily in the installation business.
The possibility that Trump would raise the price of a major component to solar photovoltaic systems contributed to a slowing of orders in 2017. This in turn helped reverse the multi-year trend in sharply rising employment.
Transmission remains the fundamental building block to decarbonising the grid. But the LNP is making…
Snowy blames bad weather for yet more delays to controversial Hunter gas project, now expected…
In 2024, Renew Economy's traffic jumped 50 per cent to more than 24 million page…
In our final episode for the year, SunWiz's Warwick Johnston on the highs and the…
CEFC winds up 2024 with record investment in two huge transmission projects, as Marinus reveals…
Regulator says big energy players are manipulating prices to their benefit. It's not illegal, but…