News: USL UPDATE 1-US solar panel makers seek new tariffs to protect domestic factories

(Adds background, details, quote)

April 24 (Reuters) - Some of the world's largest solar equipment makers on Wednesday asked President Joe Biden's administration to impose steep tariffs on panels and cells from four Asian countries in order to protect billions of dollars in investments in U.S. manufacturing.

Seven companies - Korea's Hanwha Qcells 000880.KS , Switzerland's Meyer Burger MBTN.S , Norway's REC Silicon RECSI.OL and U.S. companies First Solar Inc FSLR.O , Convalt Energy, Mission Solar and Swift Solar - are behind the petitions filed with the U.S. Department of Commerce and the International Trade Commission, they said in a statement.

The American Alliance for Solar Manufacturing Trade Committee is accusing Chinese companies with factories in Malaysia, Cambodia, Vietnam and Thailand of flooding the U.S. market with panels priced below their cost of production. That has caused prices to collapse by more than 50%, threatening their U.S.-made products, they said.

The Biden administration has voiced concerns in recent weeks over China's massive investment in factory capacity for clean energy goods. Officials including Treasury Secretary Janet Yellen, have said the U.S. is evaluating trade remedies to deal with that threat.

Biden's landmark climate change law, the Inflation Reduction Act, includes hefty incentives for companies that produce clean energy equipment in the United States.

Since its passage in 2022, solar companies have announced more than 40 factories representing nearly $13 billion in investment, according to projects tracked by the clean energy business advocacy group E2.

The petitioning companies are asking the U.S. Commerce Department to impose anti-dumping and countervailing duties that would offset the impact of foreign subsidies and ensure the products are priced at fair market value.

"There is no question, despite the passage of the Inflation Reduction Act, the U.S. solar manufacturing industry is injured and remains in a very precarious position," Tim Brightbill, the group's attorney, said on a call with reporters.