Commerce Department set to defend solar industry probe - Bloomberg
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U.S. Secretary of Commerce Gina Raimondo will defend the government's investigation of solar panel imports from Asia in testimony before a Senate panel Wednesday while seeking to reassure that potential tariffs imposed in the case would not exceed 200%, Bloomberg reports.
Raimondo plans to say the probe is following a set process that does not allow consideration of supply chains, climate change and other factors, according to the report.
Solar-related names (NYSEARCA:TAN) trade sharply lower, extending recent losses: (NASDAQ:SPWR) -11.7%, (RUN) -11.1%, (NOVA) -11%, (SHLS) -9.3%, (MAXN) -8.2%, (SOL) -8.1%, (CSIQ) -8%, (NASDAQ:ENPH) -7.6%, (FSLR) -6.8%, (ARRY) -6.3%, (SEDG) -5.2%, (JKS) -1.7%.
A rate over 200% would be "exceedingly unlikely" and "does not apply to the vast majority of solar imports and would typically apply only to uncooperative companies that cannot differentiate themselves from the Chinese government and the Chinese Communist Party," Raimondo's talking points say, Bloomberg reports.
The government has until August 30 to issue preliminary findings, but with some companies reporting canceled or delayed solar panels, the industry is asking for a faster decision.