Trump administration moves to revoke loophole that’s helped companies avoid tariffs on bifacial solar panels

In 2019, the Trump administration granted bifacial panels an exclusion from the 30 percent tariffs imposed on imported solar panels.

Not long after that, the same administration began a push to revoke its own exemption, but efforts to do so have been stalled by a U.S trade court.

What Happened?

Fast forward to this past weekend, the administration is now making renewed efforts to revoke a loophole that made this exemption possible.

What’s The Impact?

Bloomberg reports that solar manufacturers and installers’ share prices fell sharply after the news broke.

Manufacturer Canadian Solar dropped 11 percent, Sunrun fell as much as 11 percent and JinkoSolar slipped as much as 9.6 percent.

In a statement, the Solar Energy Industries Association (SEIA) said it will “continue to explore all options for preserving” the tariff exclusion.

“The Trump administration decision this weekend to expand solar tariffs and evaluate an extension of those tariffs counters critical needs of our country right now, jeopardizing jobs, economic recovery in the face of a pandemic and a clean environment,” Abigail Ross Hopper, SEIA’s president and chief executive officer, said in a statement.