U.S. Solar Companies Get a Bump Following Tariff Decision

On Tuesday, June 3 the Commerce Department announced that it will be imposing tariffs on certain Chinese made solar panels. The duties range from 18.56 to 35.21 percent and come after the Commerce Department determined the companies have benefited from government subsidies. Following the U.S. decision, the Chinese government expressed its extreme dissatisfaction over the newly imposed tariff and has urged the U.S. government cease its investigations as soon as posible. The Chinese Commerce Ministry has said on its website that the new U.S. policy "won't solve the problems of the U.S. solar industry". Additionally, Chinese officials have claimed that the U.S. ignored the facts in an attempt to protect its solar industry. In reaction to this news, the street has pushed shares of U.S. solar companies First Solar, Inc FSLR and SunPower Corporation SPWR up ~3 and ~5 percent, respectively, in the pre-market. On the other side, a number of Chinese solar companies have taken a hit in today's pre-market session. Specifically, JinkoSolar Holding Co. JKS, Yingli Green Energy Holding Co. YGE, Trina Solar Limited TSL are down ~9, ~7, ~6 percent, respectively.