Trump’s tariff move sends global markets into a tailspin. (Photo: White House)
U.S. President Donald Trump’s announcement of new tariffs on imported products is not only dealing a blow to Southeast Asia’s solar industry but also expected to drive up the cost of renewable energy projects within the United States.
Countries such as Vietnam and Indonesia are concerned the steep tariffs could trigger supply chain shifts and have promptly sought negotiations with Washington. Vietnam has even proposed eliminating its own tariffs on U.S. imports and increasing purchases to avoid being caught in a full-blown trade war.
Renewables shift focus to Middle East, India amid tariff pressures
According to Bloomberg New Energy Finance (BNEF), over 80% of U.S. solar photovoltaic imports in the first half of 2024 came from Vietnam, Thailand, Cambodia, and Malaysia. Despite already being subject to anti-dumping and countervailing duties, products from these countries remain popular in the U.S. market. The newly announced tariffs are expected to further raise costs for importers.
