US solar companies get a boost from huge new tariffs on Southeast Asian competitors

3,521%

The US Department of Commerce yesterday announced new tariffs of up to 3,521% on solar panels and related products from Cambodia, Malaysia, Thailand, and Vietnam, as the government cracks down on companies that allegedly dump cheap products in the US and benefit from Chinese subsidies.

Of course, rates vary from company to company across the Southeast Asian nations. For example, one Korean manufacturer operating out of Malaysia faces a ~15% levy, while four solar companies in Cambodia were hit with the 3,521% rate after the country stopped complying with the investigation into industry practices launched by the Biden administration last year.

Still, the new tariff announcements have made for a bright start to the day for some US solar companies: First Solar rose ~7% in premarket trading, while the ailing Sunnova Energy was also up more than 5% at one point.

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