White House weighs extension of solar tariffs, with expections
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The Biden administration is considering a plan that would keep Trump-era tariffs on solar power imports but exclude imports of bifacial panels, Reuters reports; FirstSolar (FSLR
-5.1%) shares trade sharply lower following the report.
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The new plan also would double the amount of solar cells that could be imported each year before tariffs kick in to 5 GW, according to the report, noting the U.S. typically imports far fewer than 5 GW of cells.
The Trump administration had imposed a four-year tariff regime on solar imports in 2018, starting at 30% and declining to 15% in the final year; they were scheduled to expire on February 6, but some domestic solar manufacturers have sought an extension, arguing their products were still unable to compete with overseas-made goods, mostly from China.
The Invesco Solar ETF suffered $417M of outflows in December, the worst month in its 14-year history.