Why Array Technologies Stock Is Surging Today

Array Technologies Inc ARRY 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. 

Related Link: Biden Set To Announce Executive Order To Revive Stalled Solar Projects In US: Report

Array Technologies is a manufacturer of ground-mounting systems used in solar energy projects.

ARRY Price Action: Array shares have traded between $5.44 and $27.67 over a 52-week period.

The stock was up 16.3% at $13.37 at press time, according to data from Benzinga Pro.

Photo: Sebastian Ganso from Pixabay.