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United States legislators seek to obstruct Chinese firms from solar manufacturing aid

A bipartisan group of U.S. legislators on Wednesday introduced an expense that would obstruct Chinese solar panel makers from claiming aids for their American factories.

WHY IT MATTERS

The American Tax Dollars for American Solar Manufacturing Act was introduced as some of the world's biggest solar panel manufacturers, which are based in China, are setting up factories in the United States. Their facilities are supported by brand-new tax credits produced by President Joe Biden's landmark environment modification law, the 2022 Inflation Reduction Act.

The Biden administration has actually sought to increase investment that produces U.S. tasks in tidy energy, however is desperate to prevent over-reliance on geopolitical rival China.

Some U.S. solar devices manufacturers have actually stated they discover it hard to contend versus a flood of cheap imports and are worried by China's outsized existence in the worldwide market.

KEY QUOTE

We can not allow American tax dollars to go to Chinese business that cheat and weaken American solar production, Senator Sherrod Brown, a Democrat from Ohio, said in a statement.

Brown's legislation was co-sponsored by fellow Democratic Senator Jon Ossoff of Georgia and 2 Republican senators - Rick Scott of Florida and Costs Cassidy of Louisiana.

(source: Reuters)