The Trump administration’s tariff onslaught will drive up the cost of living for most Americans, but is not likely to affect the global energy transition and renewables trade, new analysis by 350.org has suggested.
The renewable energy market has largely shifted away from the United States, with most wind and solar equipment manufactured in China, and only 4% of Chinese clean tech exports going to the US, compared to 15% for China’s overall exports.
‘In a trade sector where sales volume grew by about 30% last year, this makes the US merely a footnote, not a global player,’ 350.org said.
Global renewables trade
Emerging and developing countries are projected to account for 70% of solar PV, 60% of wind, and 60% of battery storage market share by 2030, it added, citing the International Energy Agency’s World Energy Outlook.
The US, meanwhile, accounts for just 7% of newly installed solar capacity worldwide, and an even smaller share of global renewables trade.
‘Unstoppable’ transition
“Trump’s tariffs won’t slow the global energy transition—they’ll only hurt ordinary people, particularly Americans,” commented Andreas Sieber, associate director of policy and campaigns at 350.org. “Despite his claims he ‘gets’ economic policy, his record tells a different story: tariffs are tanking U.S. stocks and fuelling inflation.
“The transition to renewables is unstoppable, with or without him. His latest move does little to impact the booming clean energy market but will isolate the US and drive up costs for American consumers.”
350.org added that indications from the first few weeks of Trump presidency, are that ‘rising inflation, and poor economic performance will harm the US economy and ordinary citizens’, with the administration’s tariff policy doing little to stem the global tide of renewable, clean energy.
‘Clean energy is a natural price stabiliser – sun and wind, as abundant domestic resources, are not commodities traded on volatile global markets that are prone to economic shocks or political upheaval,’ the group added. ‘They are also now the lowest cost energy sources, both in up front and long term expenses. With the cost of living a top concern globally – these facts cannot be discounted.’ Read more here.
