The United States has threatened to impose tariffs on large renewable companies in Spain. The country’s International Trade Commission has accused companies such as Acciona or Siemens Gamesa of unfair competition by selling their windmills at a price below the market.
This practice, known as dumping in English, could affect all products sold in the last year to seven Spanish companies that are dedicated to the renewable energy market.
As published by the US Trade Commission, these companies would have sold their wind towers 73% cheaper than normal. A margin that would be focused on expelling its competition in the United States, according to the report.
Tariffs that could be around 73%
In addition to the possible sanction, Washington has considered the possibility of imposing tariffs of 73%, in the future, so that Spanish wind towers do not disrupt the market in the United States. The research findings are preliminary, for the moment, so they do not affect sales already made.
Now, Spanish renewables have a deadline for allegations before the final verdict that will be taken in mid-June. Nevertheless, the result will not be communicated until November 2021, according to the EFE Agency.
The announcement of the US investigation has already had an impact on the Spanish renewables involved. Today’s trading session has been marked by red in the energy sector as a result of the accusation of dumping.
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Losses as a reaction in financial markets
Acciona closed the trading day this Tuesday on the Stock Market with losses of 4.5% and Siemens Gamesa has lost more than two percentage points. For its part, Solaria, which is dedicated to the generation and sale of renewable energy exclusively, has lost more than two percent in this Tuesday’s session.
The investigation into Spanish renewables began in November 2020, under the Government of Donald Trump. The policies of the former president of the United States in international trade stood out for the imposition of tariffs on European steel or aluminum. Spanish wine or table olives were also affected by Donald Trump’s policies.
However, the Administration Biden has not stopped the process, since he has arrived at the White House. Just a temporary suspension has been established. Biden set out to improve relations with European partners upon his arrival to the presidency although he has not repealed the tariffs to date.
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