Donald Trump’s new tariffs are set to pummel the renewable energy industry, threatening to push up prices, disrupt supply chains and undercut US ambitions to lead the artificial intelligence revolution, clean-technology executives said.
The duties of 10 per cent to 49 per cent on electrical components, battery storage and other equipment from China, south-east Asia and Europe pose a one-two punch for an industry already reeling from Trump’s embrace of the fossil fuel industry and limited appetite for clean energy.
Executives warned that the added costs from tariffs would in turn prompt higher power bills. Electricity prices rose twice as fast as inflation last year, according to Bank of America, with several utilities requesting double-digit price increases from regulators to cover the rising costs of labour, materials and upgrades to the grid.