Expect significant new tariffs on Chinese imports and moderate levies on goods from other nations , as President-elect Donald Trump rolls out his protectionist agenda. However, with his preference for chaotic policymaking and sudden shifts , there’s uncertainty on how soon these import taxes will actually hit. Dubbed “ Tariff Man ,” Trump aims to use tariffs both strategically and tactically . He’s mentioned taxing all Chinese goods up to 60% and potentially setting 10%-20% tariffs on imports globally , but details on these plans remain vague . Key players within Trump’s team are divided: Robert Lighthizer , a staunch tariff advocate, sees permanent duties as crucial to balance US trade , while others, like billionaires John Paulson and Scott Bessent , view tariffs as temporary leverage. Trump’s previous administration had mixed feelings, especially on national security-related trade limits , which he sometimes dismissed, favoring an “open for business” approach. High-profile busin
The UK government has confirmed a record allocation of £1.5 billion (US$1.9 billion or RM8.87 billion) to support new renewable power capacity in an upcoming auction, marking a significant step towards eliminating carbon emissions from its power grid.
Key Allocations and Objectives
The increased budget includes £1.1 billion specifically for offshore wind farms, as initially reported by Bloomberg News. This move follows a previous auction that failed to attract bidders due to the low guaranteed power price.
“This will restore the UK as a global leader for green technologies and deliver the infrastructure we need to boost our energy independence, protect bill payers, and become a clean energy superpower,” stated Energy Secretary Ed Miliband.
Strategic Importance
The higher budget aims to kickstart projects that require several years to complete. The UK's newly elected administration has set an ambitious target to achieve a zero-carbon power grid by 2030. The previous government had also increased the maximum price and budget to stimulate investment in the sector.
Funding Sources and Fiscal Impact
The funding will not come from the central government's budget, ensuring it doesn't impact fiscal considerations by Chancellor of the Exchequer Rachel Reeves. Instead, it will be sourced from charges on energy bills.
Support for Emerging Technologies
In addition to offshore wind funding, £270 million will be allocated for emerging technologies, such as floating wind farms, which have only been deployed on a small scale so far.
Contracts for Difference
The UK uses contracts for difference to support new renewable capacity. Under this system, developers agree to sell power at a fixed price for 15 years. If market prices fall below the contract price, energy consumers pay to top them up. Conversely, higher prices result in bill payers being reimbursed.
Industry Response
“The auction needed a reset after last year and we welcome the increased budget, which is an important investment signal,” said Keith Anderson, chief executive officer of ScottishPower.
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