SolarWorld Applauds Trade Panel For Vote To Counter Illegal Chinese Trade Practices
SolarWorld , the largest U.S. solar producer for more than 35 years, cheered the U.S. International Trade Commission (ITC) today for its unanimous final finding that illegally subsidized and dumped Chinese imports of crystalline silicon solar cells and panels have hurt domestic manufacturers. The decision, along with all major preceding rulings, validates the central contention of SolarWorld’s trade cases that the government of China is staging an illegal, anticompetitive export drive at the expense of U.S. manufacturing and jobs, the company said.
However, the company said in light of China’s apparent determination to prop up its excessive production capacity at any cost, it would continue to pursue all relevant options to address China’s improper trade practices. The goal, according to the company, is to revive the domestic industry, fair competition and economic growth in the U.S. solar-manufacturing market at a time when demand is robustly expanding.
The 6-0 vote by the ITC will activate final anti-subsidy and anti-dumping duties on Chinese imports that the U.S. Department of Commerce issued in October, ranging from a combined rate of about 24 percent up to more than 250 percent, depending on the company, according to SolarWorld. The ITC determination is the final step in the trade case investigations, among the biggest brought against China, filed in October 2011.
“U.S. producers are grateful for the diligence that the ITC and its staff invested in this complex case at the crossroads of the world’s energy future,” said Gordon Brinser, president of SolarWorld Industries America Inc., based in Oregon. “The vote comes too late for hundreds of American workers laid off from more than two dozen U.S. factories that China’s state-sponsored export campaign drove into financial peril. But the decision offers some hope to survivors that China might be held accountable to its legal obligations and that this U.S.-pioneered industry might see a fair chance to play a growing role in the nation’s energy independence.”
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV