President Joe Biden pledged to spend $200 billion over five years to counter China's influence on the world after opening the door to more solar panel imports.
Biden said that the U.S. would contribute the funds via grants, federal money and private sector investment, as part of the Partnership for Global Infrastructure and Investment, which will finance projects in the developing world. Other members of the G 7 committed an additional $400 billion to the initiative, which is designed to counter China's growing financial influence worldwide.
The US PLEDGES $200 B to G 7 This isn't charity or aid, but it's an investment that will deliver returns for everyone, including the American people and the people of all our nations, the president said in a speech in Germany.
Biden announced on June 6 that the US would stop enforcement of 2012 tariffs aimed at curbing Chinese solar panel imports and bolstering the domestic solar industry. The White House said that the 24 month pause would allow developers to import cheap panels and meet U.S. clean energy goals.
Pro-tariff groups criticized the move, saying it paved the way for Chinese government-subsidized companies to corner the market and put U.S. competitors out of business. Chinese companies dominate the global solar industry, making up the majority of the world's panels and components, according to BloombergNEF.
Michael Stumo, CEO of the Coalition for a Prosperous America, said in a statement that the Biden administration is picking China's government-subsidized solar manufacturers that use forced labor and coal-fired power plants over U.S. solar manufacturers and American workers.
Instead of following U.S. law and holding China accountable for illegal trade activity, the Biden administration is giving China s solar manufacturers a green light to continue circumventing tariffs Stumo continued. The White House didn't consult a single American solar manufacturer on this disastrous decision. The Solar Energy Industries Association lobbied for the White House to take action after a Commerce Department DOC investigation into potential tariff violations caused imports to decline. In March, the International Trade Administration announced that it would investigate whether Chinese companies were routing solar materials destined for the U.S. through Southeast Asia to avoid duties.
Today s announcement is about one country and one country alone, and it is about the United States, White House press secretary Karine Jean-Pierre said when asked whether the move was a handout to Chinese companies. It is about the reliability of our power grid. She added that it is about reducing costs for American families, and it is about enabling domestic solar manufacturers to move forward with their projects.