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Key Points
- Solar stocks rose after President Donald Trump unveiled new import restrictions on certain products made with polysilicon.
- The raw material is essential for the manufacture of solar panels, as well as semiconductors.
- The duties are the latest salvo in the ongoing U.S.-China battle over chips, energy and AI.
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U.S. solar stocks jumped Friday, after President Donald Trump opened a new front in his trade war with China, imposing fresh tariffs on imported products made from a key material used to manufacture solar panels.
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First Solar.
The president on 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.' domestic solar supply chains from Chinese competition.
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Pres. Trump signs executive order on polysilicon industry
First Solar's stock advanced 6% with SolarEdge Technologies rising about 1%. The Invesco Solar exchange-traded fund was up more than 2%.
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.
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Invesco Solar ETF.
Read Original at CNBC →