Solar stocks jump after report that Biden administration will suspend tariffs
Solar energy stocks soared in premarket trading Monday following a report that the Biden administration will suspend tariffs on solar panels from four countries.
President Joe Biden will declare a 24-month tariff exemption for solar panels, Reuters reported, and use the Defense Production Act to promote domestic production. The move comes as a Commerce Department investigation into Cambodia, Malaysia, Thailand and Vietnam has added more hurdles to importing equipment.
Shares of Sunrun (US.RUN) jumped more than 13%, while SunPower (US.SPWR) and Enphase Energy (US.ENPH) each surged nearly 9%. SolarEdge Technology (US.SEDG) gained more than 5%. Array Technologies (US.ARRY) popped about 20%.
solar stocks jump after report that biden administration will suspend tariffs 2022