Sector’s US strategy under threat from ex-president’s pledge to roll back Biden’s clean energy policies if he wins election
President Joe Biden’s decision not to seek re-election moved oil prices and the US dollar on Monday. For some businesses in Asia, there could be a more lasting impact. Biden’s decision to abandon his bid for a second presidential term, endorsing vice-president Kamala Harris to take his place, leaves the Democrats’ efforts to stop a victory for Donald Trump in disarray. Asia’s electric-car battery makers are already suffering from the risk of a Trump triumph.
That lured Asian battery makers to the US with uncapped tax credits. US tax credits offered a subsidy of $35 per kilowatt hour for locally produced battery cells, $10 per kWh for battery modules and a 10 per cent production cost credit for mining and producing certain battery minerals. An election victory for Donald Trump, who has vowed to roll back Biden’s clean energy policies should he win the election, would force significant changes to the US strategy of Asia’s EV battery makers.
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