Biden expected to remove tariff exemption for bifacial solar panel imports – Reuters

The Biden administration is expected to reverse a two-year-old trade exemption that has allowed imports of bifacial solar panel technology from China and other countries to avoid tariffs, Reuters reported Wednesday.

First Solar (NASDAQ:FSLR) +3.4% following the report; also moving higher are Enphase Energy (ENPH) +3.2%, Maxeon Solar Technologies (MAXN) +8.9%, SolarEdge Technologies (SEDG) +1.9%, Sunnova Energy (NOVA) +4%, Sunrun (RUN) +7.6%, Shoals Technologies (SHLS) +2.8%.

ETF: (TAN)

South Korea’s Hanwha Qcells, which submitted the request, is seeking to protect a pledged $2.5B expansion of its U.S. solar manufacturing presence against competition from cheaper Asian-made products.

Duties on imports of bifacial panels, the main technology in utility-scale solar projects, would be a boon to the 40-plus solar equipment factories planned since President Biden signed the Inflation Reduction Act climate change law in 2022.