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U.S. solar stocks jumped in premarket trading Friday, after U.S. President Donald Trump opened a new front in his trade war with China, imposing new tariffs on imported products made from a key material used to make solar panels.
First Solar.
The president Thursday slapped a 15% duty on products made from polysilicon, and also introduced minimum prices for some related imports, in a move aimed at protecting the U.S.'s domestic solar supply chains from Chinese competition.
The announcements sent solar-related shares higher in premarket trade Friday.
First Solar's stock advanced 8% ahead of the market open, with Solaredge Technologies adding 2.4%. The Invesco Solar ETF was up 1.4%.
Trump imposed the tariffs under Section 232 of the U.S. Trade Expansion Act of 1962.
The executive order, which Trump said was taken following advice and information from Commerce Secretary Howard Lutnick, comes as the U.S. seeks to insulate its domestic chip and solar supply chains, and counter China in the artificial intelligence and energy race.
"For decades, America has allowed foreign countries to weaken United States producers in the polysilicon sector, eroding our economic and national security. Today, I am taking action to put a stop to these practices and revitalize the United States polysilicon sector," Trump said in the executive order.
Invesco Solar ETF.
