First Solar Jumps After Report Says Biden to End Trade Loophole
(Bloomberg) -- First Solar Inc., the biggest US solar manufacturer, surged Wednesday following a Reuters report that the Biden administration is likely to remove a tariff exemption for two-sided panels.
No timeline on the anticipated removal has been made, Reuters said, citing people familiar with the matter.
First Solar jumped as much as 6.1% in intraday trading Wednesday.
US-based solar manufacturers have long sought a removal of the exemption for two-sided, or bifacial, solar panels. That product enabled module buyers to avoid a tariff imposed by former President Donald Trump.
The change is one of a suite of policy moves panel makers have encouraged to foster domestic manufacturing. The vast majority of panels imported into the US today are two-sides models and even are used on rooftops where the attribute offers no benefit.
The Commerce Department did not immediately respond to request for comment.
©2024 Bloomberg L.P.
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