President Donald Trump’s attempt to create U.S. jobs by taxing solar panel imports could backfire.
That’s according to the CEO of the Solar Energy Industries Association trade group, who says it’s domestic workers that will feel the pain.
“We have been the fastest growing form of new energy...and this is putting the brakes on that crazy growth,” Abigail Ross Hopper told Cheddar in an interview. “These are not people who are looking for what nationality the company they work for is. They just want to feed their families and pay their mortgages. And those are the people whose jobs are at risk.”
Earlier this week President Trump signed a law that would impose a 30 percent tariff on imported solar panel and sells, a move the administration says will encourage domestic manufacturing.
But the SEIA says the vast majority of the 260,000 Americans employed in the industry work in peripheral industries like installation. Ross Hopper says the bill will result in 23,000 layoffs this year and delay or cancel billions of dollars of investment in the sector.
She also says it might dissuade U.S. consumers from going green.
“Most [businesses and consumers] want to choose solar because it saves them money,” she said. “This decision changes that calculus.”
For full interview [click here](https://cheddar.com/videos/solar-power-in-america).
From Wall Street to Silicon Valley, these are the top stories that moved markets and had investors, business leaders, and entrepreneurs talking this week on Cheddar.
Stocks are closing broadly lower on Wall Street after giving up early gains. The government's latest report on the jobs market showed a slowdown in hiring last month, but the number was solid enough to cement Wall Street's view that the job market is holding up.
Ongoing tensions between the U.S. and Iran this week have reignited the debate about whether or not bitcoin works as a safe haven asset in times of heightened geopolitical uncertainty.
Democratic presidential candidate Marianne Williamson, the spiritual guru and bestselling author, ended her campaign on Friday, weeks before voting begins,
Secretary of State Mike Pompeo and Treasury Secretary Steve Mnuchin announced new sanctions against Iran and its economy.
In a letter to her Democratic colleagues, Pelosi said she was proud of their "courage and patriotism" and warned that senators now have a choice as they consider the charges of abuse and obstruction against the president.
U.S. employers downshifted on hiring in December, adding 145,000 jobs, with steady spending by Americans continuing to steer economic growth heading into a presidential election year.
Here are the headlines you Need 2 know for Friday, January 10, 2020
The House approved a resolution on Thursday to force the president to halt military action against Iran without Congressional authorization, restarting conversations on the role of Congress in war.
Experts say geopolitical tensions and sanctions make a hard job already harder, restricting the flow of information necessary to find the facts of the crash.
