Enphase Energy Inc ENPH shares are trading higher Monday amid a report that President Biden will issue a proclamation allowing the import of solar panels from four Southeast Asian countries without tariffs for 24 months.
According to a Reuters report, citing sources familiar with the matter, President Biden is set to announce a two-year solar panel tariff exemption on Monday for Cambodia, Malaysia, Thailand and Vietnam.
The action reportedly comes amid concerns surrounding the impact of the U.S. Commerce Department's investigation into "whether imports of solar panels from the four Southeast Asian nations are circumventing tariffs on goods made in China."
Biden is also reportedly planning to invoke the "Defense Production Act" in response to trade disputes.
Enphase Energy is a global energy technology company that delivers smart, easy-to-use solutions that manage solar generation, storage and communication on one platform.
ENPH Price Action: Enphase shares have traded between $113.40 and $282.46 over a 52-week period.
The stock was up 8.74% at $213.50 at press time, according to data from Benzinga Pro.
Photo: courtesy of Enphase Energy.
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