First Solar, Inc. (NASDAQ:FSLR) shares are trading higher Tuesday after the US finalized plans to impose tariffs on most solar cells imported from Southeast Asia.
What To Know: Last year, First Solar, Korea’s Hanwha Qcells and other members of the American Alliance for Solar Manufacturing Trade Committee accused major Chinese solar panel makers in Southeast Asia of selling below cost and gaining unfair advantages that hurt U.S. competitors.
These solar panel makers operate in countries such as Malaysia, Cambodia and Thailand.
The Commerce Department finalized the tariff rates on Monday, with amounts varying by company and country. Products from Cambodia are set to face duties of more than 3,500% due to a lack of cooperation with the U.S. investigation.
Jinko Solar (NYSE:JKS)'s panels from Malaysia received some of the lowest combined anti-dumping and countervailing duties at 41.56%, while rival Trina Solar's products from Thailand were hit with a much higher rate of 375.19%.
The International Trade Commission is expected to vote in June on whether the solar panel industry was significantly harmed. If approved, the tariffs will go into effect.
First Solar shares may be trading higher as new tariffs on Southeast Asian solar imports position the U.S.-based manufacturer to gain a stronger foothold in the domestic market.
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FSLR Price Action: At the time of writing, First Solar stock is trading 12.1% higher at $137.28, according to data from Benzinga Pro.
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