China is also already the globe’s biggest market for myriad products, which is why the vast majority of the S&P 500 does business there. And it’s become the primary driver of multiple global markets as well.
The Chinese government’s decision this year to suspend subsidy on new solar projects, for example, resulted in a flood of cheap solar panels on global markets. That drove down prices and basically negated the impact of the Trump Administration’s 30 percent tariff on imported panels.
In fact, US solar panel costs this year are now projected to be roughly 17 percent below where they were before the tariffs went into effect. Chinese solar manufacturers, meanwhile, continue to boost output and drive costs even lower, as well as develop batteries that could resolve the energy source’s intermittency challenges.
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