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Solar energy stocks skyrocketed in pre-market trading after a report that the Biden administration will pause tariffs on solar panels from four countries.
Source: Reuters.
TAN up +6.97%, ARRY up +24.96%, SPWR up +8.08%, RUN up +14.00%, Pre-market trading
President Joe Biden is set to announce a 24-month tariff exemption for solar panels and use the Defense Production Act to intensify domestic production.
The move emerges after a Commerce Department probe into Malaysia, Cambodia, Thailand and Vietnam introduced additional barriers to importing equipment.
The tariffs had got increased criticism in recent months as Russia’s invasion of Ukraine has pushed energy prices high across the world.
Solar stocks have plunged since November last year, when market sentiment toward unprofitable growth stocks fell. In recent weeks, the sector has reported a solid bounce back.
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