WASHINGTON (Reuters) – U.S. President Donald Trump on Saturday signed a proclamation underscoring his support for revoking an exclusion from tariffs on some imported double-sided solar panels, and for raising the planned tariff rate to 18% for 2021 from 15%.



Donald Trump wearing a suit and tie: U.S. President Donald Trump returns to the White House after treatment for the coronavirus at the White House in Washington


© Reuters/ERIN SCOTT
U.S. President Donald Trump returns to the White House after treatment for the coronavirus at the White House in Washington

Trump said the domestic U.S. industry was starting to increase production and market share of certain solar modules after he imposed tariffs on imports in January 2018, but further steps were needed.

Bifacial panels should not be excluded from the tariffs, Trump said, adding that doing so had limited the overall measures and would likely continue to impair their effectiveness.

“In light of the increased imports of competing products such exclusion entails … it is necessary to revoke (the) exclusion and to apply the safeguard tariff to bifacial panels,” Trump said in a proclamation released by the White House.

“To achieve the full remedial effect envisaged for that action, it is necessary to adjust the duty rate of the safeguard tariff for the fourth year of the safeguard measure to 18 percent.”

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Solar farm developers, including Chicago-based Invenergy Renewables LLC, had sued to maintain the exemption initially granted by the Trump administration, but it was later rescinded after officials realized it led to a spike in imports.

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The United States in January 2018 imposed duties on solar panel imports beginning at 30% and expected to drop to 15% by 2021. Trump’s announcement would put the rate at 18%

WASHINGTON (Reuters) – U.S. President Donald Trump on Saturday signed a proclamation underscoring his support for revoking an exclusion from tariffs on some imported double-sided solar panels, and for raising the planned tariff rate to 18% for 2021 from 15%.

Trump said the domestic U.S. industry was starting to increase production and market share of certain solar modules after he imposed tariffs on imports in January 2018, but further steps were needed.

Bifacial panels should not be excluded from the tariffs, Trump said, adding that doing so had limited the overall measures and would likely continue to impair their effectiveness.

“In light of the increased imports of competing products such exclusion entails … it is necessary to revoke (the) exclusion and to apply the safeguard tariff to bifacial panels,” Trump said in a proclamation released by the White House.

“To achieve the full remedial effect envisaged for that action, it is necessary to adjust the duty rate of the safeguard tariff for the fourth year of the safeguard measure to 18 percent.”

Solar farm developers, including Chicago-based Invenergy Renewables LLC, had sued to maintain the exemption initially granted by the Trump administration, but it was later rescinded after officials realized it led to a spike in imports.

The United States in January 2018 imposed duties on solar panel imports beginning at 30% and expected to drop to 15% by 2021. Trump’s announcement would put the rate at 18% next year.

China and other producers dominate the bifacial technology market, a small but growing part of the solar panel market that costs more but produces greater power than traditional panels.

Consumers and importers have argued that higher tariffs will boost their costs and are unnecessary because domestic producers do not make the panels and face no harm from imports.

Domestic producers

LONDON (Reuters) – Citigroup Inc

has made a strategic investment in Genesis Global Technology Limited, a London-based startup that develops technology to make it cheaper and faster for financial firms to build applications such as trading systems, the companies said on Monday.

The companies did not disclose the amount and terms of the investment.

Genesis has developed a so-called “low-code application platform”, or tools to enable banks and other financial institutions to build new software for various business lines with fewer amount of coding.

Genesis’ technology can make it on average 80% faster than building an application from scratch, said the company’s Chief Executive Stephen Murphy.

“It gives you every building block you’ll need to cover any use case that you would want to implement in the financial markets,” Murphy said in an interview.

The investment comes as banks continue to partner with young technology companies that they hope can make their IT operations more efficient and less costly. The need to automate more processes faster and keep costs in check has grown during the COVID-19 pandemic, as more bank business is now carried out remotely.

Citi backed Genesis through its Markets FinTech Investments and Sprint groups, the company said.

“The low code development as a paradigm is catching on quite quickly, it has the potential to change the way the financial industry builds applications in the future,” Nikhil Joshi, global head of spread products technology and head of markets technology for North America said in an interview.

Citi tested Genesis technology to build a proof of concept for a structured credit trading system, he said.

(Reporting by Anna Irrera; editing by Diane Craft)

Copyright 2020 Thomson Reuters.

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Bond funds (including ETFs) witnessed their first week of net outflows in 25 for the Refinitiv Lipper fund-flows week ended September 30, 2020, handing back a net $1.1 billion. While investors continued to inject net new money into corporate investment-grade debt funds (+$2.1 billion), they were net redeemers of corporate high yield funds (-$3.6 billion) and flexible funds (-$808 million).

With the U.S. equity market witnessing declines over the preceding few weeks, it’s not too surprising to see equity funds and high yield bond funds suffer net redemptions. However, equity funds only handed back a net $32 million for the fund-flows week (for their seventh consecutive week of net outflows), with conventional equity funds suffering net redemptions of $5.024 billion and equity ETFs attracting some $4.992 billion. For the fund-flows week, the average equity fund returned a handsome 3.17%.

However, in the high yield funds space, both conventional high yield funds (-$2.5 billion) and high yield ETFs (-$1.1 billion) witnessed net redemptions as concerns over credit quality, soft economic data, and a call by the Federal Reserve Board for an additional round of Congressional stimulus have some investors beginning to shun risky assets despite the average high yield fund posting a weekly return of 0.37%. For the fund-flows week, the iShares iBoxx $ High Yield Corporate ETFs (NYSEARCA:HYG) suffered the largest net outflows in the taxable fixed income universe, handing back a net $1.2 billion, while the iShares 20+ Year Treasury Bond ETF (TLT, $426 million) was the main attractor of investors’ money.

Year to date through the week ended September 30, corporate investment-grade debt funds (including ETFs) have attracted the largest share of investors assets (+$154.7 billion), while corporate high yield funds (+$34.8 billion), government Treasury & mortgage funds (+$22.9 billion), and government Treasury funds (+$15.5 billion) were the