Your browser doesn't support HTML5 video.

Getty Images

Trump's Tariffs On Imported Solar Panels Could Hurt The US Economy

Critics say the Trump administration's decision to impose new tariffs on imported solar panels could do more harm than good for the U.S. economy.

By Briana Koeneman | January 23, 2018

The Trump administration's decision to impose new tariffs on imported solar panels could do more harm than good for the U.S. economy, critics of the move say.

Former New York City Mayor Mike Bloomberg argues the 30 percent tariff on solar panel components will cost thousands of American jobs, raise electric bills and even harm the environment.

And some in the industry say the decision could slow U.S. investment in solar power.

The president and CEO of the Solar Energy Industries Association said in a statement that the tariffs "will create a crisis in a part of our economy that has been thriving."

Still, some U.S.-based manufacturers stand to benefit from the new tariffs as prices for competing, foreign-made solar panels go up.

It's still unclear exactly when the new tariffs will be imposed.